The manner of his argument is interesting.
He not only stresses the ultra-respectability of technocrat Joseph Lam as chief executive of the Hong Kong Monetary Authority. He points out "if I conspire against the stock of a US corporation, that is a violation of US law. But if hedge funds in New York atack some overseas financial market, it's unclear who, if anyone, has jurisdiction....
Capital markets are global; but the institutions that support and regulate them - that allow them to work - remain national. It's hard to imagine how truly global institutions could come into existence ... but until we figure it out, its going to be a very rough ride."
The tide seems to be moving against international laissez faire.