Kindleberger cites one banker who invested in shares of the South Sea Company in 1720 as saying that, if the rest of the world takes leave of its senses, one must join in to a certain extent.
That is very reminiscent of Chuck Prince, the former CEO of Citigroup, who, in 2007, came up with the legendary remark that “As long as the music is playing, you’ve got to get up and dance”. 2  BIS central bankers’ speeches  There’s nothing new under the sun, one might say in summary. 3. Do economists have to rethink?