I find it amusing to read some of the lessons learned from the crisis and the means by which we intend to better handle such crises in the future can be. Unfortunately, this wisdom cover so ever with my research and not with the actual image that we have to take advantage of the crisis.
The first statement that I question is critical, the assumption that there is such thing as systemically important institutions are. Our politicians adhere to their standards that they have saved the financial system. Here's the final verdict is pending. All I could see so far is that the risk of individual owners has been transferred to the general public. The bill was not done without the hosts.
The second proposition, I would even call it deceit, is the one that the euro area can not be resolved. A nice story, but unfortunately not at all true. The idea to issue a European bond and thus the difficulties of individual to solve national budget is absurd and myopic. The risk is much greater. We now delete the fire with gasoline. We derive more and more money into the system rather than money, however painful it may be, again to take from the system. A play with fire.
Finally, this is still the misconception that such a crisis is an event of the century and therefore not easily return. I'm just - too good to be true - described by my model of the tsunami, in my book, is building the next wave on straight. It is therefore not a matter of time, but rather a question of how quickly can the individual elements into one another until we see the next tsunami. I'm afraid even to To bet that all of us will experience this soon and not in 100 years.
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