So I’m doing a search for some text from Charles Kindleberger’s book Manias, Panics, and Crashes, on Google so I could post it in another thread relating to the discussion of the spread of this crises globally. Low and behold it comes up quickly. However, it comes up in the writing of Mark Faber in a blog post from last year: http://www.dailyreckoning.com.au/credit-crisis-worse-than-ltcm/2007/09/20/#comment-43582 Here is the text in question from Mark’s post: “The crises that build up in international financial structures always ricochet from country to country…. Boom, distress and panic are transmitted through a variety of connections between national economies: psychological infection, rising and falling prices of commodities and securities, short-term capital movements, interest rates, the rise and fall of world commodity inventories. These connections, moreover, can take various forms, and may be interrelated in various ways…. Boom and panic in one country seem to induce boom and panic in others, often through purely psychological channels…. Just as one huge bubble breeds others in a country, so a host of bubbles in a financial market seems to inspire the production of others in other countries” Now, here is the original text straight from Kindleberger’s book. The chapter is called International Propogation under the heading is called Transmission Mechanisms. I will let you decide if this is blatant stealing of another authors work, since Faber provides absolutely no attribution and copies Kindlberger word for word. Here you go: “Boom, distress, and panic are trasmitted between national economies through a variety of connections: arbitrage in commodities or securities (and marking up or down prices in one market when they change in another, without actually buying or selling), movements of money in various forms–specie, bank deposits, bills of exchange-interest rates changed through uncovering arbitrage, cooperation among monetary authorities, and, readily neglected, pure market psychology. These connections, moreover, can take various forms and may be interrelated in various ways. We offer a few paragraphs of analysis, then proceed to historical illustration. Boom and panic in one country seem to induce boom and panic in others, often through purely psychological channels discussed in Chapter3. Just as one huge bubble breeds others in a country, so a host of bubbles in a financial market seems to inspire the production of others in other countries. Panics also travel through psychological conduits.” Where is the attribution Mark?
In times like these, it is really important not to plagiarize. In fact, I’m looking for people to blame and it might just be this guy.