Monday 21 May 2018

Brendan Keenan: Why we fear for future as Brits shrug off Brexit gloom

Mark Carney
Mark Carney
Brendan Keenan

Brendan Keenan

AS well as pure folly, the most popular explanation for the insanity of the Great Credit Bubble is greed. There is a great deal of truth in that but there is another emotion which I thought at the time might have played a role. Fear.

What struck me back in the mid-2000s was the number of people who would ask, "When is it all going to end?" Perhaps they had an inner feeling that it was folly and nemesis was inevitable. There must be a suspicion, though, that it went deeper than that.

Our economic history has made us pessimistic by nature, although we hide it well - like squirrels with nuts, said the writer Michael Lewis. But if one does not believe in the possibility of sustained success, booms and bursts become more likely.

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