How does this relate to the current financial crisis?
I'm not so pessimistic about the financial crisis because, after all, we've seen this before. It's somehow built into the West that there will be these financial crises from time to time. If they're sensibly handled, they are actually something quite creative. You've just got to be prepared to let banks go bust, and start again. I think it's very dangerous if governments move in and start saving the banks from the consequences of their own crimes and follies.