Knowledge absence leads to irrational action while excessive defensive action brings about the spliceable effect of the prime risk.

知识的缺失导致行动无据，过度防御行为使得本原风险出现叠加效应。

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The IMF's view, broadly speaking, is that without excessive risk-taking by financial institutions, which was aided by the absence of regulation, imbalances would not by themselves have caused the meltdown.

ECONOMIST: World economy