Only time will determine whether we learn from our mistakes to update our beliefs and ideologies, resulting in a foresight which would temper our collective behaviour and investment practices. It would have to be said that the response so far has been some what disappointing. There is disturbing evidence to suggest that we have not in fact learnt very much at all from past experience and indeed that hindsight appears to be reinforcing confidence in the old ways and the emergence of ‘business as usual’. As Karl-Erik Wärneryd counsels, ‘[h]indsight depends on memory and memory is fallible’.1 Memory is also notoriously selective, and it is interesting to note in this respect that attention is currently fixed on the national debt as the problem that we must face up to politically, rather than what caused it to mushroom in size so suddenly. Dealing with the symptoms only is unlikely to effect a cure for our ideological ills however, and looks suspiciously like yet another instance of Žižekian fetishization in action.
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