Imagine a world without fixed-rate retail lending. In such as world managing interest rate risk is pushed to individuals, i.e., those least informed and equippe

Imagine a world without fixed-rate retail lending. In such as world managing interest rate risk is pushed to individuals, i.e., those least informed and equipped to manage it. Its hard to imagine that world being "intrinsically less toxic". In complex systems it is important (but not always easy) the distinguish effects of different causal order (the immediate role and impact, the second and third order effects etc.) The failings of modern financial systems are legion but incoherent rants in blog posts are not particularly helpful in sharpening and deepening our understanding of this beast we have created...