Any Central Bank Should Only Be In

The Securitisation Of Mortgages Added A New Dimension Of Systemic Risk. Financial Engineers Claimed They Were Reducing Risks Through Geographic Diversification: In Fact They Were Increasing Them By Creating An Agency Problem. The Agents Were More Interested In Maximising Fee Income Than In Protecting The Interests Of Bondholders. That Is The Verity That Was Ignored By Regulators And Market Participants Alike.

Of Course, Speculation Will Always Make A Crisis Worse. If There Is A Weak Point, It Will Expose It.

Most Of The Poverty And Misery In The World Is Due To Bad Government, Lack Of Democracy, Weak States, Internal Strife, And So On.

I'm Not Doing My Philanthropic Work Out Of Any Kind Of Guilt, Or Any Need To Create Good Public Relations. I'm Doing It Because I Can Afford To Do It, And I Believe In It.

Changeless Society Is Characterized By The Absense Of Alternatives.