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Sonnenberg, S.M. (2013). The Financial System and the Current Economic Crisis. Int. J. Psycho-Anal., 94(6):1202-1203.

(2013). International Journal of Psycho-Analysis, 94(6):1202-1203

The Financial System and the Current Economic Crisis

Stephen M. Sonnenberg

Holger Himmighofen introduced the panelists. David Tuckett began the discussion, stating that the financial markets froze in mid-2007, creating the financial crisis. He believes this crisis reflects a global loss of trust by investors, who now doubt that they will be paid back on their investments. He believes that markets are still edgy, he points out that credit is tight and liquidity minimal, and that there exist worthless assets and derivatives.

Tuckett offered background on how financial advisors think and work. They must construct conviction narratives in order to value assets. These narratives are fantastical. Tuckett asserted that psychoanalytic understanding can allow a neutral analysis of economics and finance, an analysis which is interdisciplinary in its approach. He believes such an investigation reveals that the markets have produced trauma and loss, and these reactions among investors and advisors need to be worked through, that there needs to be a widespread move towards a collective depressive position.

Tuckett spoke of his book, Minding The Markets: An Emotional Finance View of Financial Instability (2011), in which he describes interviews he conducted with successful finance managers before the 2007 crisis, and also spoke of his follow-up after the crisis. He found trends within the group: these managers experience uncertainty about their investment decisions, and must create pictures of the future that allow them to deal with the stress of uncertainty. Managers experience aversion and opportunity as they make decisions, as they deal with assets which are only paper, volatile and without intrinsic value.

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