I was published at Liberty Unbound with an article on asset-backed commercial paper, irrationality, socialism, superstition, and the breakdown of self-responsibility in Western society.

In the article, I use asset-backed commercial paper as an example of a wider mental disease: the belief that risk can be made to disappear through complexity, institutions, experts, and collective mechanisms. I argue that when profits are privatized and costs are socialized, feedback is corrupted. People lose the discipline that consequences create, and society drifts toward superstition, regulation, dependency, and cloudy thinking.

Read the archived article at Liberty Unbound via the Wayback Machine →