Someone Knew the Problems!

William White, the head of the Bank of International Settlements, is a person that I never knew. The organization is one I never knew. And yet, it is a powerful bank with a powerful director. And, he discussed his concerns with its members, the heads of Central Banks, e.g., Greenspan, without ever being able to convince people that the dangers needed to be addressed. If anyone adopted his views, we may have avoided the economic disaster that occurred. It is fascinating to know that the problems we now know so clearly, were so difficult to believe even when articulated by someone with his power and knowledge.