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Bank supervisors and politicians once again have to turn out as fire brigades because they failed miserably in fire protection.
It’s often the very simple questions that can be used to lure people out of their shells and expose weaknesses. Queen Elizabeth II asked such a question during the financial crisis in November 2008 during a visit to the venerable London School of Economics. When the assembled luminaries of economics explained to her how the turbulence on the international financial markets could have come about, the Queen asked: “Why didn’t anyone see this coming?”
Immediate answers have not been handed down. Some of those present may…