First, what is fragile should break early while it is still small, because a small failure that happens promptly reveals weakness before it can accumulate into something catastrophic, whereas propping up a fragile structure only allows the eventual collapse to grow larger; second, there should be no socialization of losses and privatization of gains, meaning that whoever reaps the profit from a risky bet should also be the one who absorbs the loss if it goes wrong, rather than the public being left to cover the downside while private actors kept the upside; third, people who were driving a school bus blindfolded and crashed it should never be given a new bus, which is a way of saying that individuals or institutions who took reckless, poorly understood risks and caused a disaster should not be trusted with responsibility again simply because enough time has passed; fourth, someone whose pay is tied to an incentive bonus should not be allowed to manage a nuclear plant or your financial risks, since a bonus structure that rewards short-term results creates a temptation to hide or ignore long-term dangers in exchange for near-term gain; fifth, complexity should be compensated with simplicity, because as a system becomes more interconnected and harder to fully understand, the tools used to manage and regulate it need to become simpler rather than more elaborate, since added regulatory complexity on top of systemic complexity just creates more hidden failure points; sixth, do not give children dynamite sticks even if they come with a warning label, meaning that a hazardous tool remains hazardous no matter how much disclosure or caution is attached to it, and warning labels do not neutralize the danger of handing something destructive to those unequipped to handle it; seventh, only Ponzi schemes should depend on confidence, and governments should never need to restore confidence, since a system that requires everyone to believe in it in order to keep functioning is inherently fragile, and a government having to reassure citizens that everything is fine is itself a sign the system’s stability was never real to begin with; eighth, do not give an addict more drugs if he is experiencing withdrawal pains, which is an analogy for economic policy, meaning that responding to the painful aftermath of excessive debt or leverage by injecting even more debt or stimulus only delays and worsens the eventual reckoning rather than solving the underlying problem; ninth, citizens should not depend on financial assets as a repository of value and should not rely on fallible expert advice for their retirement, since paper wealth and the predictions of financial professionals have both proven unreliable during periods of extreme uncertainty, so people are better served by more robust, tangible forms of security; and tenth, make an omelet with the broken eggs, meaning that once a crisis has already happened, the priority should shift from assigning blame or trying to undo the damage to instead using the wreckage constructively to build something more resilient going forward.