In the News (from Economist): “What went wrong” The IMF blames inadequate regulation, rather than global imbalances, for the financial crisis. It argues that the “main culprit” was deficient regulation of the financial system, together with a failure of market discipline.
My Comment: And these are the people managing the world’s economy today! They just don’t understand that egoism has grown beyond the boundaries of regulation and management. Instead, they are being manipulated by their blind urge to keep everything under their own control.
In the meantime, their rigid thinking and unwillingness to understand the structure of the new world are causing more problems. Because they refuse to see that the world is now global and integrated like a “small village,” with a mutual “butterfly effect” (the mutual influence of everyone on everyone), new effects of the crisis are starting to emerge in America – tent cities.