Myron Scholes, the creator of the infamous Black-Scholes model for pricing derivatives which won the Nobel Prize and then almost destroyed the world banking system with the Long Term Capital Management bankruptcy of 1998, has now partially understood that his derivative creations are a Frankenstein monster. He recommends wiping out the current crop of toxic cds derivatives. The only hope of world economic recovery is indeed by wiping out, freezing, deleting, shredding, and otherwise destroying ALL of the $1.5 quadrillion derivatives bubble. Otherwise, the London G-20 will repeat the failure of the Juny 1932 Lausanne conference, which needed to wipe out reparations and war debts left over from World War I in order to end the First World Depression. To end the Second World Depression, wipe out and permanently ban derivatives now!
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If he can admit flaws in the system he created, why is it so hard for the US government to fess up as well, and do things on the up and up?