"Since financial disasters are entirely man-made, in principle they should be easier for governments to deal with than natural disasters, which cannot be controlled. Do you agree?" I don't. Financial disasters are less predictable than natural disasters. Those who expose the financial system to major risks can often shift their own risks to others; the depth and breadth of a financial disaster can be expanded by contagion; and it may be impossible to protect innocents from becoming victims of a financial disaster without helping the malefactors who caused the problem. Predictability: The ability to minimize the damage stemming from a disaster depends in good part on our ability to predict its occurrence early enough to react in ways that reduce the damage. While the pr...
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