Between the opinions of Vaclav Klaus and Kevin Rudd I am all for the first

Sir Kevin Rudd the Australian prime minister holds that “Leaders must act together to solve the crisis” January 8, because “Fragmented responses could yield to policies that run the risk of accelerating rather than ameliorating the crisis”. This is a bad argument since there is very little to assure us that a coordinated official response would not do exactly the same.

For someone like myself who for years now have fought the efforts of regulators to impose a coordinated global oversight on risks by using some few credit rating agencies it is clear that I prefer the much humbler attitude in reference to the value of government interferences expressed yesterday by the President of the European Union Vaclav Klaus in “Do not tie the markets – free them”.