
“When you see reference to a new paradigm you should always, under all circumstances, take cover.”
As quoted in "Galbraith on crashes, Japan and Walking Sticks" by Ben Laurance and William Keegan, in The Observer (21 June 1998)
Context: When you see reference to a new paradigm you should always, under all circumstances, take cover. Because ever since the great tulipmania in 1637, speculation has always been covered by a new paradigm. There was never a paradigm so new and so wonderful as the one that covered John Law and the South Sea Bubble — until the day of disaster.