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The Credit Crisis and the Social Contract
Wednesday, October 1st, 2008
It’s significant that the economic crisis threatening the U.S. and the global economy is a credit crisis, a collapse of confidence. The word “credit” derives from the Latin credere, to trust, believe. But how can financial institutions believe in each other when they’ve played Enron-like shell games to the point where no one knows what anything is worth anymore? How can anyone have confidence when regulations are legislated away and there is no adult supervision?
