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Mar 12, 2009 10:24

At any givenn time there exists an inventory of undiscovered emblezzment in - or more precisely not in - the country's business and banks. This inventory - it should perhaps be called the bezzle - amounts at any moment to many millions dollars. It also varies in size with business cycle. In good times people  are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more. Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increase rapidly. In depression all this is reversed.

John Kenneth Galbraith. The Great Crash 1929.

galbraith

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