“The system failed not because it was rational, but because rational choice in the face of massive ignorance – whether attributable to folly or deceit – is meaningless. Capitalism depends not on the freedom to choose but on the free flow of information across a low-entropy carrier. Corrupt the carrier with noise, and capitalism collapses. And the great corrupter of any carrier, the great generator of destructive noise, is power. And in this case the powers assembled were immense.”
