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If you walked in to your newsagents yesterday you’d be forgiven for thinking you’d walked in to a shop in Communist China. Faced with dozen of papers, each and every one with the same front page story and the same picture
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dec 142010
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Pappen en nathouden
dec 042010
To celebrate the second anniversary of the fall of Lehman, the mountain of Basel has laboured mightily and brought forth a mouse. Needless to say, the banking industry will insist the mouse is a tiger about to gobble up the world economy. Such special pleading – of which thispampered industry is a master – should be ignored: withdrawing incentives for reckless behaviour is not a cost to society; it is costly to the beneficiaries. The latter must not be confused with the former. Theworld needs a smaller and safer banking industry. The defect of the newrules is that they will fail to deliver this.
Bron: The Great Slump: What Comes Next?
