Category Archives: too big to fail

La grande fiction

Screen Shot 2014-02-18 at 02.09.22Banks privatise their profits but nationalise their debts. True, says Dalrymple, but this is ‘perfectly normal behaviour’. Moral hazard has become ‘our way of life’. He cites Bastiat:

L’État, c’est la grande fiction à travers laquelle tout le monde s’efforce de vivre aux dépens de tout le monde.