What appears as a systemically interconnected world will also turn out to be increasingly fragmented cognitively, with weak global governance and policy coordination.

This episode serves as a reminder that central banks are political institutions, with a political agenda, and that independent central banks tend to be captured (at least cognitively ) by the banks that they are supposed to regulate.

But a substantial proportion of cognitively capable people do not respond well to formal education and, even for those who do, it is inadequate to provide the insider knowledge and wide ranging experience needed to adapt, much less innovate, in a dynamic labor market.