“It is a myth that OFC’s are primarily responsible for the recent financial meltdowns” according to Tim Ridley former, Chairman of the Cayman Islands Monetary Authority. The source of the problem has been irresponsible governments, regulators and banks that formed an alliance to provide cheap housing loans for those who could never repay in the US and, in Europe the irresponsibility was the belief that the welfare system could provide cradle -to-grave cover on borrowed money. For more see Offshore Alert.