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Grant with his usual delightful foray into some oblique historical vignette, this time on the topic of “The Emperor’s new Clothes”. He makes the connection with current events as:
From that simple beginning, the story goes on to demonstrate how definitive pronunciations from those in a position of power can prevent the masses from understanding what is staring them in the face but that it only takes one person either clever enough, brave enough or, in this case, naïve enough to speak out to suddenly bring realization crashing down upon the rest of the hordes and thus create carnage.
He then list some of the early “naysayers” that warned of the pending housing bust and the financial crisis. Then, he reviews the lying, denial, and obfuscation employed by officials in Greece and the EU over a period of years to try and hide Greece’s financial mess. But now we have Spain and he shows how the time-frame for a crisis has been greatly compressed. Finally, he brings it into the present tense. The emperors of politics and finance are still madly spinning new robes, but the products are becoming increasingly ephemeral. A good read.