Crisis warnings are flashing, but investors aren't listening

PEOPLE who are in a position to know have been saying loudly and clearly of late that we may be headed towards another global financial crisis. But it seems that these are "voices crying in the wilderness" and even if others are able to understand the threat, they do not care.

If the world came through the global crisis of 2008 with only a few bank collapses to show for it, some may think, then it can probably survive another crisis or two. All that is needed is a bit of luck and a further bout of monetary easing by central banks.

This kind of complacency is worse even than simple ignorance of history. It suggests a willingness to tolerate financial excess to the point where a mega crisis may intervene - one big enough to dwarf the ability of all the world's leading central banks to deal with.