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Our ability to trust in institutions and in one another — the ability to trust that we are subject to the same facts, even living in the same reality — is now endangered. A combination of causes has brought us to this point, a crisis of trust that has the potential to be paralyzing.

Trust dies but mistrust blossoms.

But here’s the point: As we’ve seen too often, public trust is frayed and is broken, and it undermines public safety when it gets frayed. It literally undermines safety. Families across the country have to ask why, in this nation, for example, so many Black Americans wake up knowing they could lose their lives just by living their lives.

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I think for me, that was a low point. The credibility for this institution was eroded. For an institution this important to be subjected to that is bad. At the end of the day, it was not just the CBN that suffered for it, but the economy as a whole did suffer.

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We need to recognise that the entire information sector—from music to newspapers to telecoms to internet to semiconductors and anything in-between—has become subject to a gigantic market failure in slow motion. A market failure exists when market prices cannot reach a self-sustaining equilibrium. The market failure of the entire information sector is one of the fundamental trends of our time, with far-reaching long-term effects, and it is happening right in front of our eyes.

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