It seems the more we know the less we learn

The most noteworthy feature of the fifth anniversary of the global financial crisis is how little the markets have changed. 

This week marked the fifth anniversary of the collapse of Lehman Brothers, an event that is seen as ushering in the worst global financial crisis since the Great Depression.

Paradoxically, the anniversary's most noteworthy feature is how little financial markets have changed . . . and why.

If we look back to 1934 – five years after Black Monday triggered the worst financial crisis of all time – the US led the way in restructuring its financial system.

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