By AMY ZEGART
The more important and overlooked lesson…. is that the structure of the U.S. intelligence system made a tough job nearly impossible. Although the CIA was created in 1947 to prevent another Pearl Harbor, the agency has never really been central. Intelligence agencies in the State, War, Navy, and Justice departments hobbled the CIA from its earliest days to protect their own turf. As a result, in 1962 intelligence reporting and analysis about Cuba was handled by half a dozen agencies with different missions, specialties, incentives, security clearance levels, access to information, and no common boss with the power to knock bureaucratic heads together short of the president. In this bureaucratic jungle, signals of Khrushchev’s true intentions — and there were several — got dispersed and isolated instead of consolidated and amplified to sound the alarm.
Sound familiar? Before 9/11, this same fragmentation kept U.S. intelligence agencies from seizing 23 different opportunities to disrupt the terrorist plot…….
via Failing History – By Amy Zegart | Foreign Policy.
Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.