gallbraith

A gallbraith is a sharp pain in the gall-bladder experienced by somebody reading some of the work of J.K.Galbraith who suddenly realises that what he was saying a long time ago about economic bubbles is still achingly relevant today, thus raising profound questions about the ability of human beings to learn lessons from past experiences.

"Ouch! Brad, I just experienced a massive gallbraith when I realised that contemporary financial innovation involves a debt leveraged against more limited assets, just like it did in the past!"

"Gosh! Hermann, it just occurred to me that one of the problems in the rise of a bubble is that the people who see it coming are treated as imbeciles as a result of the Cassandra effect! What a massive gallbraith!"

Ludovic woke up on 1st October 2007 and had a full-force gallbraith when he realised that everybody was about to start blaming marginal things outside the market for the failures of the market itself.