lamb in the grassResponsibility for recent financial history is being projected on to the banks and investors, whereas in reality the issue is one of individual choice. Every person who is a party to a risky mortgage can say — this trade does not meet my criteria, I shall rent instead (and would that education enable every child to know how derivatives can give a safer alternative to owning the underlying outright).

Yet some Eliadean beliefs are so cherished anything will be done to protect them. Banks are not too big to fail unless governments decide they are. The concept of ownership of land is so much part of an underlying religious belief that people cannot see it as such, along with its cousin, a belief in ownership of animals.

Trading is an age old art, like music, and is as impervious to legislation (and the fashions of the day) as the laws of addition.


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