problem with their system was not merely that it was “too big to fail” but also “too connected to manage” - and possibly “too complex to comprehend.” Trichet sounded a little shell-shocked. “As a policy maker during the crisis I found the available models of little help. In fact, I would go further: In the

ke Russia slide back into Soviet rule, or anarchy (that view turned out to be wrong). Anyone market-weight European risk out of the expectation that “Trichet and Merkel will fix surely it” is taking a binary risk that impossible to handicap. Similarly, we should not start buying anything just because we th

ke Russia slide back into Soviet rule, or anarchy (that view turned out to be wrong). Anyone market-weight European risk out of the expectation that "Trichet and Merkel will fix surely it" is taking a binary risk that impossible to handicap. Similarly, we should not start buying anything just because we th