A perfect example of this, is what was happening to the world’s economic system in 2007. Even with the warning signs of the analysts blazing and the alarms of the experts blaring, no one wanted to believe what was happening to the financial systems of the world, and where the economy was headed. It’s too big to fail, was the thinking. They [the governments] could never let it break. And precisely this kind of thinking was the basis for the way in which loans were handled, and how money was disbursed and spent in the U.S. at the time.
In July 2008, I was speaking with the financial advisor who was responsible for the life savings of a retired family friend. Continue Reading