Finance & Folklore (or Bigfoot Economics)

Watching an interview The Economist did recently with Jamie Dimon, the CEO of America’s largest bank JP Morgan Chase, got us to thinking about Bigfoot and some other semi-mythical things. But wait - please don’t misunderstand. We’re not comparing Jamie Dimon, a man who helped lead the recovery from the 2008 global financial crisis and a person with some profound ideas on leadership and the world in general, with Bigfoot. No, no, not at all.

To paraphrase the unofficial campaign slogan of a former US President, “It was all about the economy stupid!”

And you probably noticed we used the term “semi-mythical”. Now remember, we’re not here to judge so we use this term to refer to something or some place that possesses characteristics or qualities associated with myths, legends, or folklore, but whose existence or historical accuracy is not entirely confirmed or documented. A status that lies between reality and the realm of the mythical or legendary.

These are things that remain shrouded in uncertainty or ambiguity. Their stories are often passed down through generations, capturing our imagination with their elusive nature and becoming part of our cultural traditions and folklore. These entities often have a blend of real historical elements and embellished or exaggerated narratives, making it challenging to determine the full extent of their factual basis.

Not unlike, we think, the global financial system and our unending pursuit of wealth. Because, for the average person the world of finance, like the realm of mythical creatures and fabled places, thrives in a place of uncertainty and ambiguity. Somewhere between finance & folklore.

But we’re getting ahead of ourselves. Did you know that there’s a Bigfoot Museum in Hastings, Nebraska in the United States?

Bigfoot, also known as Sasquatch to his close friends, is a legendary and elusive cryptid believed to inhabit remote wilderness areas in the Pacific Northwest of the United States and Canada.

(A cryptid, by the way, is an animal that cryptozoologists believe may exist somewhere in the wild, but whose present existence is disputed or unsubstantiated by science.) The term “Bigfoot” was coined in the 1950’s. Bigfoot is typically described as a tall and robust creature, standing between 7 to 10 feet (2.1 to 3 meters) tall, covered in dark or reddish-brown fur. It’s supposed to have a distinctive strong and unpleasant odor.

Those wanting to expand their cryptozoological knowledge can find what they’re looking for at the Nebraska Bigfoot Crossroads of America Museum. The museum is the brainchild of Harriet McFeely (aka the Bigfoot Lady), a local resident who has spent her life following the trail of this legendary cryptid.

McFeely has traveled around the world collecting stories and ephemera from Bigfoot communities worldwide. The museum is a place for Bigfoot believers and skeptics alike to dive into the mystery and serves as the site for the state’s annual Bigfoot Conference. And her dedication to the museum and its mysterious namesake have earned Patty and her story a spot in the U.S. Library of Congress Archives.

El Chupacabra, or the "goat-sucker," was first seen in Puerto Rico in the mid-1990s but has been reported as far north as Maine, in the United States, and as far south as Chile in South America. Descriptions vary, but it's said to be from 3 to 5 feet tall, have a row of spikes down its back, reptilian with alien-like eyes, and roughly the size of a small bear.

It is also a vampire, supposedly sucking the blood out of its prey (mostly goats, sheep, and small animals). It is said to have either come from outer space or be the product of secret government genetics experiments. Farmers cower in fear as their herds dwindle, attributing the loss to this vampiric beast. Despite a lack of tangible proof, the Chupacabra thrives as a symbol of scapegoating.

The Loch Ness Monster, also affectionately known as “Nessie”,

is a leviathan of Scottish lore. Countless eyewitness accounts, the earliest dating back to the sixth century AD, depict a serpentine creature gliding through the murky depths of the loch. The modern legend of “the monster” was born on April 1933 when a couple claimed to have seen “an enormous animal rolling and plunging on the surface.” Nessie then became a media phenomenon, with London newspapers sending correspondents to Loch Ness and a circus offering a 20,000-pound sterling reward for capture of the beast.

Sonar expeditions were launched of the loch in the 1960’s, 80’s and 90’s all of which resulted in inconclusive readings. Nevertheless, seekers of truth and fortune continue to flock to its shores, armed with cameras and faith. Yet the loch’s secrets remain steadfastly guarded, leaving only ripples of speculation.

Moving on we encounter the Mothman, a creature of winged mystery lurking within the annals of urban legend.

This cryptid gained fame in the 1960’s, particularly around the town of Point Pleasant, West Virginia, USA, which hosts an annual Mothman Festival - https://www.mothmanfestival.com/ . Eyewitnesses described the Mothman as a humanoid figure with large wings and red, glowing eyes. Some accounts described it as being around seven feet tall, while others estimated it to be much larger. Its presence was often associated with strange occurrences, including UFO sightings, strange lights in the sky, and eerie noises.

John Keel, an investigative journalist, popularized the Mothman legend with his 1975 book, “The Mothman Prophecies,” which explored the sightings and mysterious events in Point Pleasant. The book was later adapted into a movie.

Over the years, the Mothman legend has become a part of American folklore, its shadowy figure haunting the fringes of consciousness, an omen of impending disaster. Cryptic sightings precede tragic events, fueling conspiracy theories and supernatural superstitions.

Our penultimate enigma is The Jersey Devil, a mythical harbinger of terror said to inhabit the vast Pine Barren wilderness of New Jersey, USA.

The legend of the Devil traces its origins to the 18th century when a woman named Leeds became pregnant for the 13th time and frustrated, she allegedly cursed the unborn child, declaring it would be the devil. As the story goes, when the child was born, it transformed into a monstrous creature with bat-like wings, hooves, a horse-like head, and a forked tail. It flew up the chimney and disappeared into the dark Pine Barrens.

The Devil is said to emit blood-curdling screams and terrorize the local communities. In 1909, a series of sightings and encounters with strange tracks in the snow led to a widespread panic known as the “Jersey Devil hysteria.” People across New Jersey and neighboring states reported seeing the creature, and schools closed as a precaution. The hysteria eventually subsided, and no concrete evidence of the Jersey Devil was ever found. And while its existence remains firmly in the realm of mythology and folklore, its legend continues to captivate the imagination of locals and enthusiasts.

“Over the Mountains of the Moon, down the Valley of the Shadow, ride, boldly ride….if you seek for El Dorado,” wrote Edgar Allen Poe in his 1849 poem “El Dorado”.

Which brings us, finally, to one of the most enduring myths in history. One that has captivated the imaginations of explorers, adventurers, and treasure hunters for centuries - the legendary lost city of El Dorado.

El Dorado, which translates to “the gilded one” or “the golden man,” was believed to be a city made entirely of gold, hidden deep within the uncharted jungles of South America. And like all enduring legends, the tale of El Dorado contains some scraps of truth.

The Musica people, an indigenous group living in what is now Colombia, had a ritual that would take place when a new king came to power. The king, known as the “zipa”, would cover himself with gold dust and precious jewels and then perform a ceremonial dive into Lake Guatavita.

This event symbolized the king’s connection to the divine as well as an appeasement to a god that lived underwater. European explorers and conquistadors who heard about this ritual misinterpreted it as a description of a city full of gold. And the hunt was on!

We’ve never really stopped seeking the fabled El Dorado. Over time, it evolved from a specific city to a generalized symbol of unattainable riches and the eternal pursuit of wealth. The legend of El Dorado remains elusive, shrouded in myth and deception, but it endures - because we want it to be true.

As our journey through this curious menagerie of fantastical creatures and unobtainable places comes to an end, we arrive at our allegory’s doorstep – the economy. A realm shrouded in just as much mystery, its workings governed by a delicate balance of fact and fiction.

Bigfoot, that lumbering titan of folklore, casts a long, somewhat frightening shadow of unknown power. Not unlike the titans of industry and massive conglomerates that tower over the business world, wielding a power that few comprehend but many fear. Both evoke awe and trepidation.

In our description of the Chupacabra we said that it thrives as a symbol of scapegoating by farmers who’ve mysteriously lost cattle. In the realm of economics, it mirrors the fervor with which we deflect responsibility and point fingers at external forces, blaming them for our financial woes. But perhaps, just perhaps, the true predators lurk closer to home.

In our economic allegory, the Loch Ness Monster, that slippery fellow hiding in the lake, emerges as a metaphor for elusive prosperity – a hidden promise veiled beneath the surface, just beyond our reach. We chase phantom growth, perpetually pursuing a mirage in a world of smoke and mirrors.

The Mothman, with its foreboding presence, reflects our obsession with prediction and premonition, echoing the realm of economic forecasting. We grasp at straws, consulting oracles and so-called-experts, entranced by their forecasts, desperate for a glimpse of the future only to discover that future economic predictions remain as elusive as the creature itself.

From an economic perspective, the Jersey Devil serves as a cautionary allegory that society births its own grotesque abominations. A reminder that, through the corrosive forces of greed and corruption that plague our economic systems, the Jersey Devil represents the offspring of our failings. Our economies birth their own monstrous abominations when integrity and ethics are forsaken.

And finally, in El Dorado we see the tantalizing allure of infinite riches. A perpetual promise of prosperity that entices us, despite its insubstantiality. We pursue an illusory golden age, blinded by avarice and consumed by a feverish chase.

In a world teeming with unverified wonders, where rationality falters and skepticism crumbles, the enigmatic allure of the unknown or the unattainable captivates the human imagination. In this landscape, Bigfoot, the Chupacabra, the Loch Ness Monster, Mothman, the Jersey Devil, and El Dorado stand as symbols of our longing, our fear, our desire, and our fallibility. They reflect the mirages, scapegoats, and elusive promises that pervade our financial systems.

In this fragile dance between belief and evidence, myth and money, we must always question and challenge prevailing beliefs. We must navigate with both skepticism and wonder, for it is in the delicate balance between these two realms that we can find the rarest of treasures – truth.

You can watch The Economist’s interview with Jamie Dimon below for those who are interested. Edifying and very worth a listen!

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