When we’re frightened, the gap between myth and reality gets wider. Spurred on by fear, we want to think those in charge know what they’re doing. We tell ourselves – repeatedly – this situation has to improve. Rather than relying on hope, though, or even delusion, what we really need is hard talk. Only no-nonsense discussion will close the myth-reality gap. And until it does close, our policy actions will be too weak and this crisis will roll on and on. We’ve just endured the worst five-day run in the history of global stock markets. Share prices have gone completely haywire. On Friday, the FTSE100 lost 10 per cent in the first seven minutes of trading – as £80bn of shareholder value was wiped-out at a rate of £200m per second. Nothing explains such falls except blind fear, as the credit screw tightened further. Over the past...
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