These are dramatic times. By Monday of this week, three of Wall Street's top five investment banks – Bear Stearns, Lehman and Merrill Lynch – had disappeared as independent entities. The insurance group AIG is in serious trouble. What was, until recently, the brave new US financial system is melting away before our eyes.
過去幾周，三件事幫助我認清了這場危機。首先，我重讀了海曼?明斯基(Hyman Minsky)的大作《Stabilizing an Unstable Economy》。其次，我與尊敬的同事和朋友約翰?凱(John Kay)一起討論了監管的未來。*最后，本周一，我在維也納舉行的Swift International Banking Operations Seminar上主持了一個關于這場危機的會議。
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