Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn’t dirty, you haven’t been in the game.
Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.
With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.
If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.
Economics is a very difficult subject. I’ve compared it to trying to learn how to repair a car when the engine is running.
If you are not happy with yourself, even the loftiest achievements won’t bring you much satisfaction.
The Federal Reserve will not monetize the debt.