But he has flaws.

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By embracing Sir William's report in spite of its flaws, he has given the Lawrences the show of national contrition which they deserved and expected.

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To be fair to Mr Greenspan, every measure of inflation has flaws, so he is not necessarily cheating.

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He suggests that the international financial system, which is based on a single currency (he does not actually cite the dollar), has two main flaws.

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Given what Church sees as the flaws in preserving privacy in the Internet age, he has embraced openness about many aspects of his own history.

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"It could be that this whole framework has some fundamental flaws and we have to start over again and figure out a new direction, " he said.

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