Fiscal Follies in America and Beyond

Will Governmental Folly Now Allow for a Cyber Crisis?

A seismic shift is at hand, and America s recent fiscal follies may well be the tipping point.

And perhaps also, there's a lesson about how to deal with our screwed up, fragmenting and dangerous world of the 21st century.

The priority for now is to save the emerging markets from the consequences of Wall Street s financial follies.

Moreover, the use of mechanistic rules to determine capital adequacy has also inadvertently encouraged systemic imprudence.

Then the madness of the Cultural Revolution, when millions suffered terribly, many died, and many more behaved disgracefully as Mao sought to destroy those who had rescued China from his earlier follies.

Indeed, ignorance about what is actually at risk makes debates about the right formula for capital buffers surreal. Moreover, the use of mechanistic rules to determine capital adequacy has also inadvertently encouraged systemic imprudence.

During this summer of separatist folly, the first proposal concerned the appointment of headmasters of schools in the Veneto region the local councilors in the province of Vicenza approved a measure to reserve all headmaster posts in the province for northern Italian teachers.