Dear George,

Thanks for the heads up about the impending meltdown of the global financial system, in your recent book.

I like that although you are a huge beneficiary of the free market system, you are intelligent enough and honest enough to point out the flaws in lassez-faire economics.

What we have at present is a huge fraudulent "ponzi" scheme that is soon to run out of steam and crash, as all ponzi schemes do when they run out of participants.

I am a believer in free markets, but I also believe that governments and regulators need to stop fraud before it happens, through sensible restrictions on market participants. Fraud on a small scale can be dealt with after the fact through the courts. Fraud on a massive scale simply cannot be dealt with in this way - it needs to be prevented rather than cured.

I hope that politicians will listen to the likes of you and Warren Buffet, and implement sensible rules, properly policed, for the markets after they reset, once the current crisis has passed.