Even experienced and rich capitalist countries with centuries of experience can’t always manage their financial systems well. Financial systems are fragile and hard to run effectively because credit is such a dynamic force multiplier, investment decisions are inherently risky, powerful vested interests create strong moral hazards and seek to warp the system’s development and because rapidly changing conditions both in the financial system and in the real economy make it difficult for regulators and market participants to assess what is going on.Link. I suppose we could argue over nuance. For example, "can't always" might be supplanted by "chooses not to." Still...
Saturday, November 12, 2011
There, Did I Miss Anything?
This sums it up justly, does it not?