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09/10/2018

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Professor, thanks for sharing this article. Certainly, a fascinating review of the 2008 financial crisis. I too side and hope with you that such a crisis should never occur again but if could view this from a purely technical lens, I'm afraid Bernanke's original warning:

"2008 should serve as a warning of the scale and speed with which global financial crises can unfold in the twenty-first century."

doesn't appear to have been paid sufficient/due attention in terms of institutional adjustments or reforms, systemic complexity (with the use HFT, etc) is still very high, market risks are magnified from market interlinks, global movement of capital and rising geopolitical tensions, global coordination is still tepid and in the US, many useful regulations (Ex: Dodd Frank bill) while not perfect (high regulatory burden) to begin with have been rolled back in a way that allow risky loopholes.

In the light of this, Tooze's conclusions hold much water.

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