“Western society has behaved neurotically for the past twenty years and needs to be cured.
Professor Mark Stein draws this conclusion in a psychoanalysis of the financial crisis (via Steve Keen).
Symptoms of denial, omnipotence, triumphalism and over-activity were manifest in reaction to a series of crises—the fall of the Soviet Union, the Japanese and the Asian/LTCM crises—when the West did not respond with caution but instead by increasing risk:”
Full article
It’s interesting I did a key word search on his paper for the word “corruption” and not once was that mentioned. I wonder who’s really in denial. Didnt read the whole paper but it seems like a whitewash for the real problem (internal corruption) and blaming external issues for the cause of our current situation
Great point. Just heard Chris Whelan bitching about the corruptness of the big 4 banks, using our free (literately) money to prevent competition from other banks. Then another Bloomberg dude (reporter) discussing how $JPM (and other banks I suppose) were buying Crude on the spot and selling in the forward market using free money and collecting the cost of carry. It’s just total bullshit.