He says the current credit crisis is a unique historical event, in which too many people took high risks in a low-risk environment, and as a result changed the environment. He believes risks appeared low, not least because so many securities carried triple-A credit ratings. "They[ratings agencies] became part of the delusion instead of being a monitor of the delusion", he says.He also says central banks do not have the tools to fix the financial crisis: "This is a problem of a seizing up of...