Steve Waldman of the blog interfluidity recently argued that opacity in the financial system is a feature, not a bug ? only by convincing everyone that they won?t be the one holding the bag if things go south can the financial system ensure that the critical mass of investment necessary for economic grwoth will take place. Now he?s written a follow-up post responding to various criticisms and expanding on his points. It?s a disturbing and thought-provoking argument.
Source: http://itself.wordpress.com/2012/01/22/opaque-finance-as-social-good/
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