Greece, Portugal, Ireland stagger under debt. The euro may not survive. Standard & Poor's downgraded the credit rating of the USA from AAA for the first time in history. The extreme financial storm of 2008 which led to this crisis was completely unpredicted. A few decades ago, extreme weather storms were also unpredicted, and unpredictable. Administrations acted to forestall future surprises. John C. Liechty and Richard Foster call for similar action in finance. We need better data, better models, better science.
All Science Journal Classification (ASJC) codes
- Statistics and Probability