Hi Raj,

Unfortunately, the long history of sovereign debt defaults (e.g. Willem Buiter's "This Time Is Different") can be traced authoritatively to at least the 1600s. Bailout history is also not a modern phenomenon and seems to be a routine historical player. Further, the intersection of economic, political and sovereign interest has usually favored the sovereign and economic forces over political. So our current situation is not so unusual.

What this suggests to me is that it might be wise to look at how we change the human relationship to her/his wanting 'more' and at any cost. It is this 'more' motive that leads to the disproportionate corporate pay packages; consumer flirtations with excess leverage; and asset price bubbles. Short of addressing this issue I fear that we will always be dealing with the symptoms of the disease rather than the illness itself.

This is an argument for a re-think of many things from how we educate people to how we legislate people and industry. A gigantic issue to be sure.

Thanks, and with smiles!

Jason