Money upside down : a paradigm shift in economics and monetary theory?

Neither the Asia Crisis, nor the LTCM debacle1 with the following currency crises around the globe were foreseen nor even mentioned as an unlikely scenario beforehand. As history proves, a false theory or a wrong perception of the world - like the pre-Copernican perception of the world - or in particular a false monetary and economic theory can prevail for a long time. Acting subsequently, according to a false theory or a wrong perception, may even in the long run have no obvious negative impact on the economy until a major crisis arises. In a major crisis differences between expectations and illusions respectively the well-founded interpretation of reality and reality itself show up.