MB Civic

Ms Tett is a very clever girl and this is another excellent article. Maths was not responsible for the 2008 meltdown but mal-digested, outdated, lazily applied maths used to back up ‘complex’ financial theory was. The answers are there, the checklist is tickable but the political will, particularly in the USA, which is owned by the banks, is not there to make enough of the necessary changes. Too many people have made too much money out of the old paradigm and hope to do so again. Funnily enough the Europeans, both leaders, and intellectuals are much more open to examine new ideas and to do something about them than are their counterparts in the US. The cutting edge thought on this will come from Europe – I just hope it doesn’t take another 60 years (viz. universal health care) for the U.S. to catch up. Mathematicians are going to have to kick up more of a stink, though, when they see mathematical theory being bastardized and misused by the “brightest and best” on Wall St and elsewhere.

Al B

http://www.ft.com/cms/s/0/cfb9c43a-48b7-11df-8af4-00144feab49a.html