Overall if we can get to this point with some market stability as today, and avoid a total market collapse, we can move to a future where financial crises and over leverage will be a thing of the past. We would still have to worry about the government’s financial policies and how they leverage debt, but the private sector would be much safer in the long run.

The clue lies in this paragraph. Markets aim to track changes in fundamentals. This is a process of absorbing available information and making assumptions about unavailable information. It is the unavailable information that is the challenge because that is where the human element lies - people are making decisions about the world they see whether they are private businesses or consumers or government officials setting taxes and spending levels and monetary policy.

There is not a bot that can unravel that in an orderly way because it is not orderly in any event. We can only hope that a bot does not over-react in a disorderly way. However it seems that the program trading that accelerated the crash of 2008 had too many human hands in the brain box.