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Some of the men, in their suffering, forgot every one but themselves, and it was not strange that they should. Others, with more iron in their natures, endured fearful agony in silence. During memorable half-hours, filled with danger and death, many of my gross misjudgments of character were made clear to me. Men whom no one had credited with heroic qualities revealed them.
"Did Mr. , your philanthropist, bring you this today?" said the Colonel, taking up the paper again, as if to point a practical moral to her confession of misjudgments. "Mr. Mauleverer? Yes; I came down as soon as he had left me, only calling first upon Fanny. I am very anxious for contributions. If you would only give me a paper signed by the 'Invalid, it would be a fortune to the institution."
More wonderful are Johnson's misjudgments of his fellow-authors. There, if anywhere, one would have expected to find a sense of proportion. Yet his conclusions would seem monstrous to a modern taste. "Shakespeare," he said, "never wrote six consecutive good lines."
The whole country was full of a village-like gossip which caused every man to think that he was a judge of character, when he was not even a judge of facts. In most matters we were humble imitators of the English. All their mistakes and misjudgments we adopted except such as impaired our good opinion of ourselves.
I thought of the world's wicked misjudgments passed on those who are greater in spirit than itself, how, even when we endeavour to do good to others, our kindest actions are often represented as merely so many forms of self-interest and self-seeking, how our supposed 'best' friends often wrong us and listen credulously to enviously invented tales against us, how even in Love ah!-Love! that most etherial yet most powerful of passions! a rough word, an unmerited slight, may separate for a lifetime those whose love would otherwise have been perfect.
But an examination of early Victorian imperialism demands, as a first condition, the dismissal of such prejudices and misjudgments as are implicit in recent terms like "Little-Englander" and "Imperialist."
John Morley writes: "It is one of the commonest of all cheap misjudgments in human affairs, to start by assuming that there is always some good way out of a bad case. Alas for us all, this is not so. Situations arise, alike for individuals, for parties, and for States, from which no good way out exists, but only choice between bad way out and worse."
Like all good letters perhaps all without exception according to Demetrius and Newman they carry with them much of their author's idiosyncrasy, but in a fashion which should help to correct certain misjudgments of that idiosyncrasy itself. Shelley is "unearthly," but it is an entire mistake to suppose that his unearthliness can never become earthly to such an extent as is required.
Asquith, as late, alack, as April 20, 1915, that there was "no truth in the statement" that our efforts at the front "were being crippled or at any rate hampered" by want of ammunition, was seen almost immediately, in the bitter light of events, to be due to some fatal misconceptions, or misjudgments, on the part of those informing the Prime Minister, which the nation in its own interests and those of its allies, could only peremptorily sweep away.
Moral hazard infringes upon both transparency and accountability. It is never explicit or known in advance. It is always arbitrary, or subject to political and geopolitical considerations. Thus, it serves to increase uncertainty rather than decrease it. And by protecting private investors and creditors from the outcomes of their errors and misjudgments it undermines the concept of liability.
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