In Insanity Check Part I, I argued that we need a serious reflection on global trade imbalances. Here I discuss the repercussions we have seen in financial markets, and the persistent vulnerabilities that continue to bedevil global finance. I also argue that the most dangerous trend is a dismal lowering of standards in our choice of leaders -- not just now and not just in the US -- due to the fact that sensationalism and social media addiction have hijacked our politics, setting the wrong incentives for our leaders. We need a check on this insanity.