1/ If you separate creators and managers of a class of risks, you're reinforcing and freezing a low-trust situation into a balance of power.
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2/ You're making the pessimistic-about-humans assumption that people operating under principal-agent moral hazards will usually cheat
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4/ But the mechanism doesn't work when the divide-and-conquer parties are the same people and the risk is created by a third foreign entity
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5/ "Balance of power" between FBI and CIA for instance means FUD-and-SNAFU fodder for terrorists to exploit.
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