I was discussing the present day financial crisis with someone the other day who considered it parallel (analogous?) to the issue of piracy in olden times, the present day existence of tax havens being comparable to pirate ports or havens, the rogue traders and companies to buccaneers or pirates, sometimes working to simultaneously further national objectives or play a part in geopolitical power struggles but other times just suiting themselves etc.
They expressed the view that in the same way that piracy was not wiped out until a strong enough imperial power decided to wipe it out that the capacity for creating crisis or turning a business cycle bust into a bakruptcy will remain until a similar authority arises which has no wish to see financial roguery survive any longer. They thought that China could be such a power.
What's your view, is the parallel or analogy a good one? Do you think an authority capable of correcting this sort of thing can or will emerge? Do you think it could be the Chinese and why?