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A BUBBLE THAT BROKE THE WORLD

By Garet Garrett
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By Garet Garrett
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Excerpt:
"Mass delusions are not rare. They salt the human story. The hallucinatory types are well known; so also is the sudden variation called mania, generally localized, like the tulip mania in Holland many years ago or the common stock mania of a recent time in Wall Street. But a delusion affecting the mentality of the entire world at one time was hitherto unknown. All our experience with it is original.
This is a delusion about credit. And whereas from the nature of credit it is to b…

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