4. Thou shall not regulate finance: To be part of Goldman Sachs is to believe that financial regulation is superfluous.
The three governments have long disagreed over how to regulate finance.
Attempts to regulate finance to make it safe often lead to dangerous distortions as clever financiers work around the rules.
Indeed, when the EU has attempted to regulate finance, it was the UK government leading the charge to protect the interests of the City of London.
They are agreed that the global credit crunch was not their fault (and if Labour did regulate finance too lightly, well, the Tories would have been worse).
With every international agreement to reduce poverty, regulate finance, combat terrorism or protect the environment, we may be moving, tortoise-like, towards the global revolution he advocates so eloquently.
The German Chancellor Angela Merkel and French President Nicolas Sarkozy want to champion Europe as a model for ambitious regulation, but an impasse over hedge funds and watchdogs means the E.U. is struggling to draft laws, while U.S. President Barack Obama is expected to sign off on new rules to regulate finance within weeks.
Along with all the proposals to regulate finance and find ways to allow banks to fail without bringing the rest of the economy down with them, Mr Rajan argues, America would do well to take a hard look at how it educates its young and what safety net it provides to its poor.
And all this has been amplified into public outrage by the foolish decision to pay out bumper bonuses again.The fury at "business as usual" in the Temples of Mammon is understandable, but it is a rotten basis for trying to regulate finance.
After watching the great episode on PBS Frontline entitled "The Warning" about OTC derivatives, I am beginning to wonder if the essential reform we should be seeking is to have only women regulate finance.
