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Brexit - A Warning From 1929

"In Wall Street, as elsewhere in 1929, few people wanted a bad depression. In Wall Street, as elsewhere, there is deep faith in the power of incantation. When the market fell, many Wall Street citizens immediately sensed the real danger ... This had to be prevented. Preventive incantation required that as many important people as possible repeat as firmly as they could that it wouldn't happen ... As an instrument of economic policy, incantation does not permit of minor doubts or scruples".

Thus the description of the prelude to the greatest economic disaster to strike not only the United States, but arguably most of the Western world, as taken from J K Galbraith's seminal book The Great Crash 1929. The belief in talking up the economy's prospects, and dismissing those of inconvenient view, is now manifesting itself in Britain.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Wed Jan 4th, 2017 at 08:01:32 PM EST

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