Credit Crunch

My Bloomberg column is also running on the Telegraph website this morning. There is endless discussion about how to bring in new regulations to stop another credit crunch. None of it seems wothwhile, however. If you live in a free market economy - and its a lot better than any other system - then you have to expect a certain amount of volatility. People experiment, create new markets, then test them to destruction. The debate should be about how to mitiagte the impact of that volatility -- not about how to stop it from happening.