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Are we smart enough to keep our oh-so-easily conjured riches? If we continue to believe that doing more of what’s failed spectacularly will deliver permanently expanding riches, then the answer is no.

When the market goes bidless, it’s too late to preserve capital, never mind all those life-changing gains. Everyone with some gray in their ponytails knows the stock market has ticked every box for a bubble top, so everybody get in crash positions:

If Xi’s gambit succeeds, China could become a magnet for global capital. If success is only partial or temporary, China may well struggle with the structural excesses that are piling up not just in China but in the entire global economy. As noted here last month, the Chinese characters that comprise “crisis” are famously–and incorrectly–translated as “danger” and “opportunity.”

We have an extraordinary opportunity to transform our unsustainable “waste is growth” economy and toxic inequality to sustainable systems that optimize well-being rather than collapse. The possibility that the United States could fragment is no longer a marginalized topic.

So here we are, witnessing the switch from risk-on to risk-off in real time. All bubbles share common characteristics: during the euphoric expansion, participants are richly rewarded for buying every dip and for confidently embracing the belief that this time it’s different.