FT, you urgently need to unclog your own thinking process.

Sir you write “Fixing the banks needs prudential plumbing, not bluntly closing the monetary taps”, “Better plumbing, not closed taps” April 19. And that evidences to me you, as so many experts, are as far away from understanding what is happening as one can be.

The problem is that the whole plumbing of the financial system has been clogged up by capital requirements for banks which favor “The Infallible” and discriminate against “The Risky” and so money is not flowing where it should... but only dangerously overpopulating what are perceived as safe havens and which is where all big bank crises occur. Therefore what we need is less stupidly prudential plumbing before opening the monetary taps.

Perhaps reading a set of questions which I am circulating during the World Bank and IMF’s Spring Meetings in Washington, April 19-20, could help to unclog your own thinking process.