Indeed, I had myself, as Chairperson of the global economy meeting of Central Bank Governors, regularly expressed the view, in 2006 and at the beginning of 2007, on behalf of my fellow Governors, that our judgement was that there was a significant under-pricing of risks in general in global finance.
Similarly, check cashers generally charge customers 2 to 3 percent of the amount of a check, even for those issued by the government.