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Europe has, to put it mildly, been in a poor state since the transition to the 21st century. This is down to national issues, European missteps, and an economic and financial crisis that crashed down on us with enough force to dislodge the essential European idea.
During the financial crisis, I worked with hundreds of executives who struggled as a result of their thoughts about job security. When their beliefs changed, so did their emotional experience - and they were then able to focus on the task at hand more effectively.
President Obama inherited a broken country mired in two wars, a financial crisis, a mortgage mess and more than we all probably even know about and has in my opinion brought us back from the brink. But I still see my friends in no better shape and the gap widening.
The financial crisis of 2008 was not caused by investment banks betting against the housing market in 2007. It was caused by the fact that too few investors - including all of the big investment banks - bet too heavily on the housing market in the years before 2007.
Fortunately, when Korea was struck by the 1997/8 financial crisis, that was a good opportunity for us to engage in fundamental reforms and strengthen our financial structure. As a result, our financial regulatory structure and regime have been very much strengthened.
I think it is true that, post the global financial crisis initially - and for some period after that and particularly with how the mining investment boom and commodity prices played out - there was a dislocation that occurred in some of the more traditional mechanisms.
It's not a stretch to say the whole financial industry revolves around the compass point of the absolutely safe AAA rating. But the financial crisis happened because AAA ratings stopped being something that had to be earned and turned into something that could be paid for.
The problem with the focus on speculators, as was demonstrated during the financial crisis, is that it tends to divert attention from the real villains. During the financial crisis, the villains were the actions of the banks, not the speculators betting on bank share prices.
My low point was after being reorganized out of running Merrill Lynch. That dismissal deeply contradicted my sense of fairness, since, at the time, my team and I had done what we were brought in to do: We had turned Merrill Lynch around from the depths of the financial crisis.
The Cyprus Financial Crisis was a devastating blow to Cypriots and halted their banking system. Banks closed for two weeks to prevent a banking panic. When they reopened, capital controls were placed on the people's money, and customers were met by armed guards at the branches.
Funny money has always been the reason housing prices have risen too fast. First, it was liar loans and negative-amortizing mortgages, where the total amount you owed increased rather than decreased every month. We all know how that ended, with the global financial crisis of 2008.
The financial crisis was linked to the fact that banks had excessive leverage and too many risky assets. The solution is not to try to dictate to banks what they can do or not do, but to require them to strengthen their capital to absorb potential losses and hold less risky assets.
Created by Congress as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB was a direct response to the financial crisis and ensuing Great Recession that began with the subprime mortgage debacle and the unraveling of Lehman Brothers investment bank.
There was a clarity to the Nineties. It was pre-9/11, before that anxiety kicked in that exists right now about the financial crisis or terrorism. We were all just going to move forward into the millennium and everything was always going to get better. Then, whoops, that didn't happen.
Washington's answer to a self-inflicted financial crisis reminded Americans why they so deeply distrust the political class. The 'fiscal cliff' process was secretive and sloppy, and the nation's so-called leadership lacked the political courage to address our root problems: joblessness and debt.
Regulators around the world have achieved an unprecedented level of collaboration since the financial crisis to create global standards for financial institutions. American regulators have largely viewed these international standards as a floor, and imposed higher standards on U.S. institutions.
There was, of course, a global financial crisis. But our Labour predecessors left Britain exceptionally vulnerable and damaged: more personal debt than any other major economy; a dangerously inflated property bubble; and a bloated banking sector behaving as masters, not the servants of the people.
The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families with very few assets to fall back on. We have come far from the worst moments of the crisis, and the economy continues to improve.
I believe that the financial crisis of 2008/9 exposed more a lack of ethics and morality - especially by the financial sector - rather than a problem of regulation or criminality. There were, of course, regulatory lessons to be learned, but at heart, there was a collective loss of our moral compass.
2009 was a tough year, but Australia rose to the challenge of the global financial crisis. It shows what can be done when we all join together and work together, governments of all persuasions state, territory and local; businesses large and small; unions and local communities right across the nation.
The Fed contributed to the financial crisis, keeping interest rates too low for too long. I give them credit for responding and stabilizing the economy and the financial sector during the crisis. But then they tried to do too much with quantitative easing that went on forever, just dramatically exploding their balance sheets.
I think the ethos for Gov. Romney is to use a whole variety of policies, of which tax policy is one, to try to raise the rate of growth. We've had a recovery from the financial crisis that would be well below what one might normally expect for a recovery from such a deep recession. And to counteract that we need better tax policy.
American business would be run better today if there was more alignment between CEOs' interest and the company. For example, would the financial crisis of 2008 have occurred if the CEO of Lehman and Morgan Stanley and Goldman and Citibank had to take a very small percentage of every mortgage-backed security... or every loan they made?
Since the global financial crisis and recession of 2007-2009, criticism of the economics profession has intensified. The failure of all but a few professional economists to forecast the episode - the aftereffects of which still linger - has led many to question whether the economics profession contributes anything significant to society.
I spent my whole career thinking about risk, markets, infrastructure, and regulation. I had seen the financial crisis unfold, and I had seen the credit derivatives market get operationally ahead of itself, which resulted in systemic risk counterparty exposures. I began to believe that distributed ledgers had the capability to tackle that problem.