Thursday, June 09, 2011

The Failed International Financial System

I think one thing which has been mostly lost in the conversation is the fact that our financial system completely failed at its supposed purpose, the efficient allocation of capital. Even leaving aside all of the issues of corruption and criminality, the point is that it proved that it's a failed system. And we, and most other countries, responded by leaving it, and the people who run it, in place.


Iceland told everyone to bugger off. They were smart.