But we still trust many proven fools.

Sir Luke Johnson in “Rough diamonds dazzle as entrepreneurs” May 27 vents the frustration many of us share with him when he says “I hope we never again trust overpaid fools who think they know best thanks to bogus theories”. Unfortunately, we will... just as we still trust the regulators in Basel with their bogus theories that they can control banks through capital requirements that depend on risk assessments made by third parties... just as we still allow our regulators to allow our banks to lend our deposits to the government without any capital requirement whatsoever.