Wolf is an idiot.  He may be even more dangerous than the WSJ editorial board, because he's actually capable of advocating bullshit based on incorrectly-explained non-bullshit to those who don't know better.

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin

Only if one is interested in gaining knowledge¹ about the causes and possible solutions to the current problems, system.

Given what I've read of Mr. Wolf's writings, his interest seems to be in supporting a particular financial system using the terms and concepts of a really rather simple minded economic model.  An aspect of this economic model, as far as I can tell, is an inability to cognize a particular outcome, e.g., a financial panic, may have more than one cause.  Further it seems to escape Mr. Wolf, and his confrères et.al., that outcome may not be a linear relationship to the inputs.  

There is nothing startling new about acknowledging a result having more than one cause or the potential for an 'emergent' or 'bifurcative' result from a pool, or Set even, of causative factors.  Anyone paying attention over the last 50 years would consider it boringly familiar, even.  Why the Neo-Classical, neo-lib, school and their popularizers restrict their intellectual toolkit, thus their analysis, to the 1870s escapes me.  Not being an economist I leave the resolution of that question to Drew, Sargon, Jerome, and others 'round this joint.

¹ Note to Prof. Walsh .... :-þ  ;-)