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The sacred mystery of capital

We have a need for a mysterious power greater than us. That need was once met by religion—but now it is supplied by "Incredible Hulk" financial capitalism

By Julian Gough   July 2008

Many prophets foretold the disaster. Rending their garments, they cried that these works of man deviated from all that was good and proper, and would bring destruction. The prophets were mocked. Some were even driven into the wilderness. But then it came—a freezing of markets, a collapse of structured products, a destruction of asset classes and a global credit crunch. Foretold by the prophets, yet somehow unpredicted by the risk models of banks and governments, it wiped trillions of dollars from the value of houses and dumped families out in the street in numbers far exceeding those of Exodus. The…

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