Rather ironic really to have a bunch of economists, or PK, trying to fix the causes of 'financial fragility', a thing caused of course by the kind of universalization of economic activity dating to Smithism, the fount of economic theory.
The causes of what one can now call blobal or globbal fragility are themselves symptoms of what one might call the economics disease.
CALL IT 'THE GREATEST FRAGILITY FOR THE GREATEST NUMBERS'.
It is not a case of 'money supply', or 'belt tightening', or 'structural', or 'stimulus', or 'demand', or 'equilibrium', or 'exogenous', or 'endogenous', or 'price level', or 'inflation', or 'deflation', or 'stagflation', 'surplus', 'deficit', 'boom', 'bust', 'cycles', 'growth', 'comparative advantage', 'competitive advantage', 'beggar thy neighbor', 'free market', 'regulatory', 'laissez faire', 'mercantilist', etc.
It is a highly contagious case, something which almost all nations now have plenty of,
a bad case of 'economics'.
On another topic, and article, alluded to by PK, I do agree with this much of Dimon's views:
"We should have standard national laws. We don't. We should have standard foreclosure laws. We don't. Standard servicing clauses. We don't."
Enormous implications, with 50 different states, and their picayune laws, separate Bar Associations, and diverse judicial systems.
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