When bubbles do grow, vested interests work at all levels of media, the economy, public administration and elected officials to explain why this time it is different. So only by thinking against the tide can one signal and maintain, while the economy is growing and jobs abound, that something is rotten and will fall apart eventually.
According to this – now mainstream – building block of modern macro models, current  3  The fact that the recycling of oil revenues plays a more supportive role for oil-importing countries today than during past oil price shocks has been confirmed for Germany by research undertaken at the Bundesbank (Bundesbank, 2005).