Many commentators claim that the current financial crisis is a unique event that calls for unique solutions. This claim is refuted. It is argued that similar episodes have occurred in the past which should have forewarned us that a recessionary crash was almost inevitable. Evidence
to support this view is found in the cyclical nature of many phenomena suggesting that, indeed, "history repeats itself". Failure to learn the lessons of history is attributed to "research myopia". The sources and causes of this myopia are analysed leading to suggestions as to how this deficiency
may be ameliorated.