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Let's start with a soundtrack. The words come from Katy Perry's Chained to the Rhythm. So comfortable, we live in a bubble, a bubble So comfortable, we cannot see the trouble, the trouble Aren't you lonely Up there in utopia Where nothing will ever be enough? (A special request: Please don't play this loud in your second hand Porche with your chiskop/bald head/peroxided blonde mane glinting in the sun.) Once again, pop music has called it right. We’re living in a bubble, a bubble. The evidence is right there before your eyes. Now you need to be on high alert. As Alan Greenspan observed: Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds. Then fear hits, and it comes down very sharply. When I started to look at that, I was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart. Then again, it was Greenspan who said: “I guess I should warn you, if I turn...

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