"The Committee That Destroyed The World"

My comment - Times now need to make a new cover of it's next issue this time with the very same three men but with the text " The Commitee That Destroyed The World".

"Having been thoroughly discredited, The Committee To Save The World will never again be asked to save the world.

So who will? Someone else. Jim Flaherty and the G20 will find them. And you can be sure they'll be brilliant. Maybe Time will put them on the cover, where they can smirk, knowing that they are the smartest guys in the room -any room -and they have got it all figured out.

Just like The Committee To Save The World.

One would think there's a lesson here. But apparently Jim Flaherty and those who agree with him can't see it.

Stand back and look at the global economy from the perspective of the natural sciences and it's clear that for all its impressive scale it's just another complex system.

Which is to say that, like ant colonies and weather, it is more than the sum of its parts. Much more.

Research on complex systems is -big surprise -complex. But it has produced one simple and clear conclusion: It is wise to be humble. Don't think you know what all the bits and pieces in a complex system do. Don't think you know how all the bits and pieces interact. And most importantly, do not think you can fully predict the behaviour of a complex system. Or control it".


"Governments themselves can act as insurers. They did in 2008. But of course that was something of a fiction. The money governments spent to save the financial system was borrowed. Ordinary people and their children will be paying it off for decades.

That's not fair. Or wise. The wizards of the financial system got rich taking on the risks that ultimately blew up in 2008. By not making them pay for the cleanup, governments gave them a powerful incentive to do the same again. Or worse.

The alternative is to require the financial system to pay insurance premiums: A tiny tax on financial transactions would allow governments to create substantial reserve funds which could be used in the event of financial meltdowns.

French President Nicolas Sarkozy continues to push a variant of this idea. Flaherty and others are adamantly opposed.

The better solution, Flaherty says, is a Committee To Save The World.

They'll get it all figured out. Sure they will".
http://www.dangardner.ca/index.php/articles/item/107-hooray-its-the-committee-to-save-the-world

"Some committee. After the Asian Crisis, the Nobel Laureate Joseph Stiglitz wrote a blistering critique, which argued that what the men really did during was to take advantage of the temporary weakness of the world’s governments to advance the interests of Wall Street banks. It was all going to come crashing down one day, he warned".
http://www.badidea.co.uk/2009/02/the-committee-to-save-wall-street/