I've said before that a "financial crisis" means, roughly, "that someone borrows money from someone else and can't pay it back, and it is socially or politically unacceptable that the people who loaned the money not get their money back." So the way to avoid financial crises is to clearly define the classes of people whom it is socially and politically acceptable not to pay back.
Um, no. That is, to put it politely, a naive view of what a financial crisis is. I can express it less politely if need be.
Another month, another rationality quotes thread. The rules are: