Grant Williams, Simon Mikhailovich and Dan Oliver embark on a three part Exchange that dissects the recurring theme of capital misallocation, the financialization of economies and their social and political consequences. In this first part, they look at the anatomy of bubbles and highlight historical parallels going back thousands of years. The implications are all too familiar and suggest a dramatic outcome for the level of gold. Filmed on May 8, 2018 in New York.