Under a gold standard, sound government has a much better chance; its leaders can say to the people and to the politicians, "We can't do it unless we increase taxes." The gold standard is a form of protection against spendthrift governments.
The correct conclusion in my view is that we need to be pre-emptive in avoiding these types of problems in the future. Monetary policy should not be aimed at cleaning up a mess, but leaning against the wind to avoid the mess in the future.
Succesful institutional traders often talk of quitting and going to trade for themselves. Only a handful of them manage to make the transition. Most traders who leave institutions get caught up in the emotions of fear, greed, elation, and panic when they start risking their own money.
It pays to write down your plan. You need to know exactly under what conditions you will enter and exit a trade. Do not make decisions on the spur of the moment, when you are vulnerable to being sucked into the crowd. Plans are created by reasoning individuals. Impulsive trades are made by sweaty group members.