“Don’t look, Edward.” The instruction came from Elizabeth, directed at her youngest son. We were driving through the Bois de Boulogne, a notorious hangout of extravagant prostitutes. “Besides, they’re not what you think they are. They’re disgraceful. Sordid. Some of them are men dressed up as women.” Of course, Edward craned his neck to look even harder. And so do we crane our necks today...to take a better look at a counterfeit. That is also what makes financial history so entertaining, after all; it is like the Bois de Boulogne – full of jackasses and imposters. Alan Greenspan will go down in it, of that we are certain. He will be remembered as the greatest central banker since John Law. Mr. Law invented modern financial bubbles. Dr. Greenspan perfected them. In the early 18th century, John Law was on the lam in France, after having killed Beau Wilson in a duel in England. France was broke, thanks to the grandiose spending of Louis 14th. A clever rake, Law proposed to solve the Regen...