How much does blissful ignorance has to do with our current financial bliss?
Let me advance the idea that what we have lately perceived as benefits from the shifting of credit risks could in fact also have much to do with the creation of a larger world reserve of “blissful ignorance” resulting from having designed so much sophisticated risk camouflage. A millionaire is a millionaire not only as long as he factually is one but also as long as he believes himself to be one, and it is only when the final cash-flow realities hits him that he might wake up to the fact that his portfolio has harboured some very new and peculiar risks.