Trust: the commodity in shortest supply
Where do I put my money?
What do I read?
Who do I listen to?
Who saw it coming?
Who made money from it?
Who will make money from it?
Who can I trust?
As Davos gets under way, my feeling from chatting with contacts and listening to conversations around me is that one thing the world economy is really suffering from right now is a crisis in trust.
Institutions failed us. Governments failed us.
Our own intuition failed most of us (George Soros said today that he protected his capital and had a satisfactory return — that’s certainly better than I did!).
Our advisers failed us.
The media failed us too.
So before we buy again, or invest again, or behave normally again, people need an answer to the fundamental question — where can I invest my trust.
I think that’s the issue behind all of the discussions here.
And solving the related questions of “who is trustworthy now” and “what can we do to create trust in governments and institutions” seems a vital first step..