Do British economists feel worse about missing the crisis than do their US counterparts?
Or is it just that the UK is still dominated by the quaint notion of royalty?
AP: The Observer newspaper reported that a letter has been sent to the Queen after she demanded, during a visit to the London School of Economics last November, to know why nobody had anticipated the credit crunch.
According to the newspaper, the letter says that says “financial wizards” who believed that their plans to manage risky debts and protect the financial system were infallible were guilty of “wishful thinking combined with hubris.”
Signatories to the three-page letter include Tim Besley, a member of the Bank of England’s monetary policy committee and historian Peter Hennessy. Read the whole thing >
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