It began as a sub-prime surprise, then became a credit crunch and is now a global financial crisis. At last week’s World Economic Forum at Davos there was much retrospective finger-pointing-Russia and China blamed America, everyone blamed the bankers, the bankers blamed everyone-but little in the way of forward-looking ideas. From where I was sitting, the majority of attendees were still stuck in the Great Repression: deeply anxious, but fundamentally in denial about the nature and magnitude of the problem.
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