Playing with fire

摘要

Financial Innovation Has a dreadful image these days. Paul Volcker, a former chairman of America's Federal Reserve, who emerged from the 2007-08 financial crisis with his reputation intact, once said that none of the financial inventions of the past 25 years matches up to the atm. Paul Krugman, a Nobel prize-winning economist-cum-polemicist, has written that it is hard to think of any big recent financial break throughs that have aided society.