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Yet this time around, as Thailand faced an equally destructive crisis, the king has been unable to perform any such function.
But when the Norwegian Nobel Committee selects the E.U. for a peace prize just when Europe is going through a major and potentially destructive crisis, it is obvious that, once again, the Norwegians have chosen to send a political message.
This bears further study, but it would be hard to disentangle the behavior of short sellers from genuine hedgers trying to protect their long positions.There is case for questioning the social utility of synthetic CDOs: they added to the complexity, opacity and leverage in the financial system that made a destructive crisis more likely, with all the attendant externalities.
"The world is facing previously unseen consequences of the expansion of global speculative financial capitalism which brought us the destructive crisis of 2007-2008.
May the legacy of this appalling and destructive crisis in Japan be the abandonment of such faulty and brutal doctrines, so that the people of Japan and of the world may now turn to the possibilities of what can be achieved to restore financial stability as well as energy and job security.
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A series of more complex and destructive crises, natural disasters and emergencies such as the Ebola epidemic, are putting some 60 million children in extraordinary danger of violence, hunger, disease and abuse, UNICEF said.
This has led to a series of increasingly self-created and self-destructive crises, including the recent self-created fiscal-cliff fiasco, the solution to which is going to hurt the economy and job growth this year, making our unemployment problem worse.
This could spare Portugal a destructive political crisis.
Britain is in the midst of an ever more socially destructive housing crisis.
If that seems a paltry prize to win for causing this destructive, embarrassing crisis, that's because it is.
Former U.S. Senator Chris Dodd, the co-author of the Dodd-Frank financial regulation overhaul, wrote an op-ed for the Washington Post published Friday, maintaining that Dodd-Frank is essential for protecting the economy from another destructive financial crisis.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com