Peeling the Onion: What’s Behind the Financial Mess?

If you want a pat answer to what has caused the financial crisis that is reverberating around the world, and now threatening the derivatives market, we’ve got one. Nearly everyone – in the mainstream media and outside it, tells the same story – that the crisis was caused by the unravelling of the housing market, particularly the US housing market. And if you ask what’s behind that, well, we’re told there was a bubble. And if you ask what was behind the bursting of the bubble, well…;it is turtles all the way down.
I’m going to suggest that if you peel off the layers of the financial crisis, we’re going to find some pretty basic things…

Crisis of Confidence

Be it be peak oil, climate change, cigarettes, coal, the state of the economy or the latest toothpaste, we are constantly being lied to.
I can imagine the offices of Wall Street ringing with the song “Happy Days Are Here Again”. Sometimes, the most dangerous lies are the lies we tell ourselves.