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In the City, they know too well the theory of the madness of the crowds. They like to think that they are on top of it all and spend their time looking for an individual opportunity here, to get a head start there.

They will claim to know the great work of Charles Mackay in the 19th century, Extraordinary popular illusions and the madness of crowds, which chronicles episodes of collective mania in bloody detail: John Law’s Mississippi Plan, Tulipomania and the South Sea Bubble.

Of course, they will say, that will not happen to us. Sadly, the cramping of dotcoms before their crash and the stacking of subprime mortgages as indispensable assets – to give just two recent examples – proves them wrong.

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This notice was published: 2021-05-14 20:30:58