SANTA BARBARA, Calif. — Federal Reserve Board governor Kevin Warsh said Tuesday that there was no single cause of the financial crisis and warned against wholesale changes in the financial system.

Warsh, moderating a panel at a Federal Reserve Bank of San Francisco conference, said there will be “times of turmoil and times of tumult” in the future, and therefore “it is important to do some preparatory work” in readiness for future crises.

The crisis should not be used to derogate “the benefits of globalization” and financial liberalization he said. They should “not be dismissed or distorted,” but “built upon,” he said.

— Market News International

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