Nils Gilman discusses how he and some colleagues spent a day last March discussing financial scenarios. By the end of the day…
…we had laid out a scenario whereby the money center banks […] could end up insolvent, necessitating a wholesale nationalization of the banking sector. We then looked around the table at each other and tried to imagine what this would mean for Western capitalism and democracy, and it just seemed too crazy to even consider […] and then finally one of us […] uttered the most taboo words in scenario planning: “That could never happen. Impossible.”
(Via Global Dashboard.)