

The cost of financial ignorance - mikeleeorg
http://www.washingtonpost.com/opinions/the-cost-of-financial-ignorance/2011/10/03/gIQAEU3yTL_print.html

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SkyMarshal
Good article by Hernando de Soto. TLDR: US and Europe forgot one of the
primary lessons of the Washington Consensus which was used to stabilize the
financial sectors and economies of the developed world the past ~20 years:
Collateral ownership underlying debt assets _must_ be well documented and
publicly available. Without that, credit becomes untrustworthy and lending and
financial markets don't work or are prone to failure.

