CRASH – why it happened and what to do about it

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Introduction: Never has a financial crisis been so global as that of 2008. Yet the degree to which the financial sectors of globally integrated economies have contributed to and suffered from that crisis has varied enormously. Iceland’s financial sector bankrupted its country, and those of the US and the UK narrowly escaped total meltdown. The advanced banking systems of China and Singapore, on the other hand, have reported no major casualties, and those of many European countries, although scathed, have escaped the debacles of their American and British counterparts. These differences are epistemologically significant. Since all nations forming the global economy, large and small, were subject to the same temptations and the same possibilities for errors of judgement and entrapment in ideological black holes, it follows that the levels of competence and incompetence characterizing bankers, regulators and economists advising them has between nations been hugely divergent … (full text, 2 pages).

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