Fifteen years after the collapse of the US investment bank Lehman Brothers triggered a devastating global financial crisis, the banking system is in trouble again. Central bankers and financial regulators each seem to bear some of the blame for the recent tumult, but there is significant disagreement over how much – and what, if anything, can be done to avoid a deeper crisis.
LONDON – Recently, at a literary festival in Britain, I found myself on a panel discussing free speech. For liberals, free speech is a key index of freedom. Democracies stand for free speech; dictatorships suppress it.
When we in the West look outward, this remains our view. We condemn governments that silence, imprison, and even kill writers and journalists. ReportersSans Frontières keeps a list: 24 journalists have been killed, and 148 imprisoned, just this year. Part of the promise we see in the “Arab Spring” is the liberation of the media from the dictator’s grasp.
Yet freedom of speech in the West is under strain. Traditionally, British law imposed two main limitations on the “right to free speech.” The first prohibited the use of words or expressions likely to disrupt public order; the second was the law against libel. There are good grounds for both – to preserve the peace, and to protect individuals’ reputations from lies. Most free societies accept such limits as reasonable.
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