Market Prices Are Always Wrong.

Fundamental Analysis Seeks To Establish How Underlying Values Are Reflected In Stock Prices, Whereas The Theory Of Reflexivity Shows How Stock Prices Can Influence Underlying Values

By Creating The European Central Bank, The Member States Exposed Their Own Government Bonds To The Risk Of Default. Developed Countries That Issue Bonds In Their Own Currency Never Default, Because They Can Always Print Money. Their Currency May Depreciate, But The Risk Of Default Is Absent.

A Full And Fair Discussion Is Essential To Democracy.

You Could Adjust The Punishment To Fit The Infraction. Even A Small Fine Would Be Enough To Bring An Errant Government To Heel.

However, You Have To Recognize That Regulations Will Never Be Completely Successful And They Will Always Be Full Of Holes. You Must Constantly Be Ready To Fill New Holes. Actually Regulation Should Be Kept To A Minimum, But There Has To Be Some Cooperation Between Market Participants And Authorities - As Was The Case In The Early Postwar Years. The Bank Of England Was A Very Successful Regulator By Cooperating With Market Participants. This Cooperative Spirit Was Broken By The Market Fundamentalists.