These are dramatic times. By Monday of this week, three of Wall Street's top five investment banks – Bear Stearns, Lehman and Merrill Lynch – had disappeared as independent entities. The insurance group AIG is in serious trouble. What was, until recently, the brave new US financial system is melting away before our eyes.
过去几周，三件事帮助我认清了这场危机。首先，我重读了海曼•明斯基(Hyman Minsky)的大作《Stabilizing an Unstable Economy》。其次，我与尊敬的同事和朋友约翰•凯(John Kay)一起讨论了监管的未来。*最后，本周一，我在维也纳举行的Swift International Banking Operations Seminar上主持了一个关于这场危机的会议。
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