Letter was in response to a question that asked the Queen during her visit to the London School of Economics (London School of Economics): why no one was able to predict the credit crunch? Under the text of the signed Professor, School of Tim Besley Economics (Tim Besley), a member of the Monetary Policy Committee Bank of England and a prominent historian Peter Hennessy (Peter Hennessy). Western Union will undoubtedly add to your understanding. In preparing the letters was attended by such 'heavyweights' as a permanent deputy governor of the Treasury Nick McPherson (Nick MacPherson), Goldman Sachs chief economist Jim O'Neyl (Jim O'Neill) and others. As one of the reasons they call 'the psychology of denial' that has engulfed the financial and political world in the pre-crisis period. Factor optimistic attitude masked the severe slowdown chaotic world economy. Some countries, including the U.S., took up huge debts and missed the imbalance of the system.
However, "financial wizards" to convince themselves and the politicians that they have managed wisely allocate risks in global markets. 'It is hard to find a more vivid example of arrogant thinking involved on arrogance "- the authors write, pointing out also that the complex nature of current problems remained out of sight individual specialists. According to recent reports, the British economy is in a state of decline for 15 consecutive months. More information is housed here: Chobani Foundation. If you do not take into account the time of war, this recession was not observed with the 30-ies. According to Professor Louis Garikano (Luis Garicano), which the queen addressed a question during his visit to the London School of Economics, 'people have done something for which they were paid and received in accordance with their motivations. However, with social point of view, in many cases they paid for it to do the wrong thing. " Thus, the global crisis – completely natural phenomenon, the natural result of a reckless pursuit of profit, which blinded even the 'world's best minds', and forced them to carry out anti-social, in fact, a strategy.
Unfortunately, even these initial findings have not yet voiced at meetings of the big twenty. Moreover, at the last summit, President Obama explicitly stated that the culprits in the ongoing search not worth it. And yet, the Queen of England did not heed this advice. Perhaps, makes itself felt experience of 30-ies.