In almost every country there are elements of opinion which would welcome such a conclusion because they wish to return to the politics of the balance of power unrestricted and unregulated armaments international anarchy and preparation for war.

There are few things in politics more annoying than the Right's utter conviction that it owns the patent on the word 'freedom' that when its leaders stand up for the rights of banks to be unregulated or capital gains to be untaxed that it is actually and obviously standing up for human liberty the noblest cause of them all.

There is not necessarily a good reason why a regulator should have to be involved in product design and marketing for rich and sophisticated investors. We recommend that such investors should be able to sign a piece of paper which allows them to go ahead and buy unregulated products at their own risk.