In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems.
Timothy GeithnerAbout author
- Author's profession: Public Servant
- Nationality: american
- Born: August 18, 1961
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I expected this reception. All men hate the wretched; how, then, must I be hated, who am miserable beyond all living things! Yet you, my creator, detest and spurn me, thy creature, to whom thou art bound by ties only dissoluble by the annihilation of one of us. You purpose to kill me. How dare you sport thus with life? Do your duty towards me, and I will do mine towards you and the rest of mankind. If you will comply with my conditions, I will leave them and you at peace; but if you refuse, I...
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Of course all such conclusions about appropriate actions against the rich and powerful are based on a fundamental flaw: This is us, and that is them. This crucial principle, deeply embedded in Western culture, suffices to undermine even the most precise analogy and the most impeccable reasoning.
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