Goodhart concedes that banks’ “risk weightings” in the pre-recession period were subject to political pressure and “financial-industry capture and manipulation.” This is inevitable, because, as John Maynard Keynes pointed out, the “riskiness” of many investments, being subject to inherent uncertainty, is immeasurable.
古德哈特坦言，在衰退发生之前的时期，银行的“风险加权”须服从政治压力和“金融业的俘虏和操纵”。这是不可避免的，因为正如凯恩斯所指出的，有很多投资的“风险”源自内在不确定性，根本无法测量。简言之，新的监管哲学是在用幻觉替代幻觉：既然银行不能安全地管理它们的风险，那么就由监管者代劳吧。