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Guaranteed to Fail by Lawrence J. White, Viral V. Acharya, Stijn van Nieuwerburgh, Matthew Richardson

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EPILOGUE

The difficulty lies, not in the new ideas, but in escaping from the old ones.

—John Maynard Keynes in The General Theory of Employment, Interest and Money (1936)

On November 6, 1961, in the Sahara desert in Algeria, a pipeline from a natural gas well ripped open, leading to a gas fire that was 750 feet high. Nicknamed the Devil’s Cigarette Lighter, and fueled by 550 million cubic feet of gas a day, it burned for six months without any end in sight. The heat was so intense that anything within one-half mile, including the desert sand, melted.

Then a Texan named Red Adair showed up. Red and his team dug deep down in the sand until a water source was reached. Using this new found water supply, they drenched the surrounding area for weeks ...

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