Ten Lies that perpetuate the crisis

1: "Bankers and traders are cleverer than regulators"

2: "Booms and busts are inevitable"

3: "No one saw it coming"

4: "Bubbles cannot be identified till well after the fact"

5: "Legislation is the same as intervention"

6: "Markets free of state interference are good (true), so we should have markets without rules (false)"

7: "We can have markets without rules and without umpires"

8: "We can have global markets without global rules"

9: "Markets cannot be global without a global currency" (global currency competition actually helps global financial stability; there is a trade-off between efficiency and stabilty - too many currencies are inefficient, but too few make for instability and therefore concentration of power)

10: "Capitalism is the best, why change it?" (Since the 80s, we haven't had "capitalism", what we've had is "casinoism") Sphere: Related Content