Time to admit our mistakes and rectify them

Hemingway had it right on bankruptcy; that it happens slowly then all at once. So too it seems are changes in how the world sees finance. For the best part of a decade now the (final?) flowering of Financialisation has been rampant.

In the eurozone we have seen the coupling of private financial sector debts to the state. In the USA we have seen the obsessing by the Republicans on inflation (though to be fair, their store of things to be obsessed about is deep and wide).

In the markets, we have seen case after case of alleged manipulation, if not downright rigging, of key features. We have seen the growth of “dark pools” which have the effect of making organised markets such as the NYSE or the LSE less and less relevant with trading happening “offsite” And yet all these have been addressed.