Taking This View, It Is Possible To

Misconceptions Play A Prominent Role In My View Of The World.

The World Is Looking To Us For Leadership. We Have Provided It In The Past; The Main Reason Why Anti-american Feelings Are So Strong In The World Today Is That We Are Not Providing It In The Present.

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.

The Assumption Of Perfect Knowledge Is Very Far From Reality ... A Lot Of The Evil In The World Is Actually Not Intentional.

Markets Are Designed To Allow Individuals To Look After Their Private Needs And To Pursue Profit. It's Really A Great Invention, And I Wouldn't Underestimate The Value Of That. But They're Not Designed To Take Care Of Social Needs.