“A real intelligence function, though, is explicitly concentrated on those parts of the environment that aren’t yet relevant to what it’s doing. This capability was weak in the central banks; they were not looking for things which might have upset their policymaking framework. The information was there, but it hadn’t been organised into the decision-making process and didn’t shape the view at the management or operational levels. It remained as ‘other data’ or was attenuated away by simply ignoring it; the ‘information processing system of last resort’”
https://backofmind.substack.com/p/the-cybernetic-history-of-the-crisis