If there is one truth to emerge from the financial crisis of the past year it is that no one knows for certain all that went wrong, how to make it right, and how to fix things so that a similar thing won't happen again. There are theories and ideas, proposals and strategies, some better and some worse, but that is all. And though that is not nothing, it calls for humility. A great deal of humility.
The complexity of the global financial markets is breathtaking, possible only in a world in which high speed computers and modern communication travel at virtually the speed of light. It is system that has produced much prosperity--India proves that--and for that we can be thankful. On the other hand, it also is a world in which injustice does not merely occasionally occur but is, at times, deeply systemic. For a video presentation by the New York Times that helps make an example of the complexity and unfairness clear, watch this.
Such injustice will never be adequately regulated (by either market or government) without an embrace of humility as a virtue more precious that gold.
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