The Great Unwind

Plus: Banks in Disguise (Naked Wines), JPMorgan's Reflexivity, Chinese Bank Protests

In his book, The Great Crash 1929, economist John Kenneth Galbraith introduced the concept of the bezzle. He defined it as the inventory of undiscovered embezzlement that exists in an economy – at any time amounting to many millions of dollars. He argued that in the good times, when people are “relaxed [and] trusting, and money is plentiful” the bezzle …