Our future is (hopefully) not this!

Sir, Martin Wolf titles his article assessing the financial crisis “How the crisis catapulted us into the future” February 2. I am not so sure of that since it seems that in many important aspects, our past has just catch up on us, and we´re still stuck in it. Let me explain.

This crisis was caused by regulators, who with hubris took upon themselves to play the role as the supreme risk-manager of the world, and created an unstable ground zero for the rest of risk-managers, by authorizing for instance banks to leverage over 60 times their capital, just because a triple-A rating was involved.

Prominent names, like Martin Wolf, have not yet even begun to question the wisdom of that… and surely (hopefully) our future should have no room for such regulatory meddling and distortion of the markets.