Project for Philosophical Evaluations of the Economy |
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Noah denkt™ responds to John Gutfreund of Gutfreund & Co.
Observation, first drafted on March 18, published on March 29, 2008
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John Gutfreund is a great money market analyst and Noah denkt™ shares his views most of the time. His
assertion though whereby it has been primary due to a lack of rules and regulations that has created the current
financial crisis* warrants a comment from our end. For too much do we believe that greed and stupidity cannot
really be suppressed by government oversight that we could now still want to put the focus here.
No, if we like to be honest here, we have to accept, that this world has become way too complex to harness it with
bureaucracy only. And so we have to make our ethical argument yet again. For too much does it seem to us as if
exemplary leadership alone can achieve a systematic balance that we would want to dilute this now by supporting
a regulatory approach.
Given therefore that it is not freedom but a negligent use of it that has created the current perversions, we must
ask policy makers not to go overboard with their lawmaking zeal. For too little can you manage temptation by
delegating it to others that you could now still try to out-source this to faceless and cryptic specialists.
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Footnote*: This comment was made by John Gutfreund, on Kathleen Hays’ “On the Economy”,
Bloomberg Television, March 17, 2008
Observation, first drafted on March 18, published on March 29, 2008
------------------------------------------------------------------------------------------------------
John Gutfreund is a great money market analyst and Noah denkt™ shares his views most of the time. His
assertion though whereby it has been primary due to a lack of rules and regulations that has created the current
financial crisis* warrants a comment from our end. For too much do we believe that greed and stupidity cannot
really be suppressed by government oversight that we could now still want to put the focus here.
No, if we like to be honest here, we have to accept, that this world has become way too complex to harness it with
bureaucracy only. And so we have to make our ethical argument yet again. For too much does it seem to us as if
exemplary leadership alone can achieve a systematic balance that we would want to dilute this now by supporting
a regulatory approach.
Given therefore that it is not freedom but a negligent use of it that has created the current perversions, we must
ask policy makers not to go overboard with their lawmaking zeal. For too little can you manage temptation by
delegating it to others that you could now still try to out-source this to faceless and cryptic specialists.
----------------
Footnote*: This comment was made by John Gutfreund, on Kathleen Hays’ “On the Economy”,
Bloomberg Television, March 17, 2008
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