<blockquote>One ancient Chinese philosopher once said, "(w)e should self-examine ourselves three times daily." This epitomizes the oriental philosophy on the importance of self-criticism in improving oneself.
In analyzing the root causes of and drawing lessons from the current crisis, such spirit is sorely needed. Only by looking inward with this spirit, can we draw the right lessons and avoid being blindsided.
Only with the right lessons learned, can far-reaching reforms begin. Recently, there have been some blaming games, which intend to hold others responsible for the on-going difficulties. Such lack of remorse does not help in examining the flaws in the existing financial regulatory system.
- Research Institute of Finance & Banking People's Bank of China,
Reform International Financial Regulatory Framework: A Few Remarks</blockquote>
Why ó why did The West forgot...<blockquote>“Credit not backed by real savings is a fraud.”
- Kurt Richebächer (
source)</blockquote>
J.