Where do we look to guide the political economy toward more reality-based risk management?
It belabors the obvious to note that we occupy a world of relentless and multifaceted risk. But in one case after another, allegedly smart people use their talents and position to deny or mask the real risks they are supposed to be watching. In today’s complex, inter-connected global society, risks can be amplified and transmitted in seconds, but the ability — or, more precisely, the willingness — to face them realistically is diminishing. Recent examples: • Greece’s debt bomb? Not to worry — a Goldman Sachs concoction can prettify the borrowing binge so it looks like viable financial management. • BPs deep-water drilling? According to The Washington Post, an assessment at the U.S. Interior Department’s Minerals Management Service — based on assurances from BP — concluded that “a large oil spill” wouldn’t exceed 1,500 barrels. What we actually have is an estimated 5,000 barrels gushing into the Gulf each day and no clear way of stopping it. • Roman Catholic priests abusing children? Fi
