The poor are hardest hit. There is no safety net to catch them when they fall. And the middle class is devastated. We were very lucky that a highly capable, democratic leader came to power in South Korea when he did. But in Asia's command economy the government simply told bankers what to do.
Banking is a very difficult business to learn.
The best way to learn it is to let foreign banks come into you country. Argentina was perhaps the first country to do this. An early theme to the discussion was the fate of globalisation as an ideology. He wondered what could be done to co-opt emerging countries into the system. For one Swedish participant, confidence was the key.