Governments 'failing' in this scenario seems to be referring to not acting quickly enough.
If you're going to strip governments of power for this, there would be no more governments left in the world.
If you're going to strip governments of power for this, there would be no more governments left in the world.
The belief that fraud is conducted on this scale but the regulator is not to blame is stunning to me (same with banking fraud etc.) I didn't say governments should necessarily be stripped of this power, just that if they all fail so miserably at something, you ought to either suggest that they cannot ever succeed (and if so of course you'll want to strip them of this power) or that people currently employed by governments to oversee this should be investigated, in the hope that eventually the governments can be trained to find competent people to fill these roles, and find some mechanism that prevents corrupting these people. Meeting extreme government incompetence with complete understanding ("they just didn't act quickly enough") and zero penalties, however, is IMO perpetuating the problem.