The letter ends: "In summary the failure to foresee the timing, extent and severity of the crisis and to head it off, while it had many causes, was principally a failure of the collective imagination of many bright people, both in this country and internationally, to understand the risks to the system as a whole."But plenty of bright people had understood the risks and many of their followers had structured our investments accordingly.
The real question is this: Is it significant that the LSE experts are financed by the taxpayer and have a vested interest in the system that failed whereas the Mises chaps aren't and don't?
(Incidentally, I wonder which brand of expert will be appearing at George Watson's.)
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