The time to worry about moral hazard is between financial crises, when policy makers have an opportunity to change the incentives of the financial system.

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There is some good news to report: both the general public and individual legislators understand and are responsive to the moral imperative of stopping humanitarian crises.

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Indeed, an expectation by financial market participants that financial crises will never occur would create its own form of moral hazard and encourage behavior that would make financial crises more, rather than less, likely.

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In an era of globalized economic, financial, social and environmental crises, the quest for the intellectual and moral solidarity of humankind has become an urgent imperative to build the foundations for sustainable peace.

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