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Sunday 20 Aug 2017 | 23:40 | SYDNEY
Sunday 20 Aug 2017 | 23:40 | SYDNEY

Complexity and vulnerability



17 November 2008 08:49

So the financial collapse is now more damaging than the 9/11 attacks,  at least in terms of retail sales.

We have discussed previously the possibility of terrorists launching attacks against financial systems, and when terrorists hear analysis like this from Treasury Secretary Ken Henry, they can only be encouraged:

The array of financial instruments deployed within the global financial system has become so complex that it defies understanding. It is not just that nobody understands the whole system; that's hardly surprising. What is worrying, though, is the very large number of senior finance sector executives who don't appear to understand the consequences of even their own decisions.

If we don't understand it, how on earth can we protect it?

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