You need to go back and read the newspapers preceeding the Gulf War - 95% of them were stories of gloom and doom, highlighting how the battle hardened Iraqi army would send our soldiers home in body bags - by the tens of thousands! Remember the predictions of global winter when Saddam set the oil fields on fire? The group think was dead wrong.
We had a period of irrational exhuberance in the late 90s, now it's looking more like the crowd is having mass delusions and hysteria of financial and social collapes.
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