Such innovative growth has been made possible by the revolution in information technology and global financial liberalization. The financial sector in many countries has attracted many people, including the best and the brightest, as it is often a fast track to wealth and riches. Those who are skillful, innovative and dare to take risk can receive a befitting reward.
Financial products that have become more varied, more sophisticated and more complex have a fatal side effect, namely that the inherent risks are more difficult to assess. Financial instruments are becoming separated from underlying transactions that should form their base and have developed into bubbles. Due to their internal dynamics, the bubbles are swelling and many have finally burst, which precipitated this crisis.