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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Bill F. who wrote (24764)3/11/1999 10:09:00 PM
From: John Pitera  Read Replies (2) of 86076
 
Bill, as Charles MacKay highlighted the case of the Dutch carpenter who made a costly mistake of slicing and eating a rare tulip in his sandwich , thinking it was a garlic bulb, in Extraordinary Popular Delusions and the Madness of Crowds.

Only to be sued for a modern day equivalent of 40,000 dollars.

And building upon Charles Kindleberger's "Manias, Panics, and Crashes"

in which their can be an international propagation of Blame to someone else, rather than looking at self -responsibility

See page 116 where Hoover put the entire blame for the Great depression at the European's doorstep, this house of cards should be the fodder for a number of comical books and scholarly treatises.

John

EDIT:

Charles Kindleberger's book is much better than Mackay's at describing
how the dominoes get set up for a crash, in terms of a monetary expansion, The emergence of Swindles ( always a contributary factor to
a real mania), The critical Stage of Topping, the spin the bottle
allocations of blame phase.

And ultimately the role of the lender of last resort in a mania then crash and the role of the international lender of last resort that is called upon much as the IMF and Top 15 Global Banks became involved in
the Restructuring of Korea etc. in this present round.

Of course Kindleberger's book was written 130 years after MacKay's so its encouraging to see that some evolution occured.

J
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