> Does this capital being private ensure "this time will be different"?

South America didn't have a mix of domestic and foreign investors deploying massive quantities of private money into capital assets in the 60s and 70s. They had governments borrowing to fund their citizens' consumption. Massive difference on multiple levels.

Capital owners allocate their capital to their "pet projects" all day every day. That is how the whole thing works.

I'm not saying "this time will be different". I'm saying this is business as usual.

They should be free to decide how to spend their money?