Why is it so hard to get off the ship of fools you are travelling on?

Sir, Gillian Tett suggest quite correctly that “Merkel & Co should think about the ‘humiliation factor” October 19, ending with “Otherwise, the national psychologies could turn more pathological. 

And, probably the best way to avoid the feeling of humiliation of some European countries getting out of hands, God knows with what consequences, is to explain the shared responsibilities of all Europe for what is happening. 

Unfortunately the distortions produced by the capital requirements for banks based on ex-ante perceived risk are not discussed. And these so harmful regulations were approved not by Spanish, Greek or Irish regulators, but by the Basel Committee for Banking Supervision. 

In truth had the Basel Committee not existed Europe, and America, might be suffering another type of crisis, but not this one, and absolutely not one so systemic. And it is as easy as that, as in 1999 in an Op-Ed I wrote:

“The possible Big Bang that scares me the most is the one that could happen the day those genius bank regulators in Basel, playing Gods, manage to introduce a systemic error in the financial system, which will cause [its] collapse.” 

Now courtesy of regulators who want our banks to be coward, and do not allow these to be brave financing a brave real economy, Europe and America are voyaging on a ship of fools, and obviously, on a ship of fools, anything could happen. 

How sad FT and its experts got on that ship and refuse to get off. Why?