Study shows that Western economies displayed the same manic behavior as psychologically disturbed people in the runup to the 2008 credit crisis, which could be repeated.
In the two decades to 2008, Western bankers, economists and politicians shared a manic culture of denial, omnipotence and triumphalism over the collapse of communism, as they escalated risky and dangerous lending and insurance practices.
The collapse of communism justified unfettered financial liberalization and the destruction of the regulatory apparatuses of capitalism.
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