Monday, November 03, 2008

Abandon ye hope …

"I have given up hoping that we will draw the right conclusions from this crisis …" writes Ambrose Evans-Pritchard today in a long piece in The Daily Telegraph.

To draw the right conclusions, however, we need an inquiry, an objective shared – it seems – by the veteran Labour MP Harry Cohen . Recently, he asked the Chancellor of the Exchequer if he would commission an independent inquiry into the causes of the recent turbulence in the banking system.

The answer, from treasury secretary Ian Pearson, was a classic:

The on-going turbulence has affected financial markets around the world and requires an international response. In April this year the Financial Stability Forum provided the G7 with a detailed report on the causes of the crisis and a comprehensive set of recommendations for strengthening the financial system for the future. Going forwards, the FSF should continue to play a central role in shaping the international response to the crisis.
We can take that as a "no" then?

It is too big, too complicated, and no one wants to know. We are doomed by our own indifference.