However, it is the implicit costs of regulation that are more likely to generate overall negative outcomes and impair economic efficiency and growth, not to mention the inevitable unintended consequences of such regulation.

FORBES: Will Financial Regulation Trash Global Economic Security?

Regulations inherently carry both explicit and implicit costs.

FORBES: Will Financial Regulation Trash Global Economic Security?

Many asset managers could improve their results by using a smart order router that goes beyond explicit costs in determining where an order is executed to consider implicit shortfall costs, according to a new Pragma Securities study.

FORBES: The Best Price In Equities Markets Could Cost Funds Millions

The implicit borrowing costs for Italy and Spain - two eurozone governments with very substantial debts - have risen sharply.

BBC: Has the eurozone flunked the market's test again?

All of which means that for the foreseeable future there will be even more pressure on a reluctant European Central Bank to intervene in government bond markets to keep implicit borrowing costs for Spain and Italy below penal levels.

BBC: After downgrades, all eyes on ECB

It proposes a system of preliminary hearings in which a judge could throw out spurious cases, and would, crucially, have the power to cap costs, so that one side or the other couldn't run up huge bills, with the implicit threat of financial ruin if costs were awarded against the other.

BBC: Cheering the changes

On reflection, perhaps you should think through your call to have more mortgage debt held by institutions with direct government guarantees and exposures, not to mention the efficacy of the implicit call for higher mortgage costs to American consumers.

ECONOMIST: Letters