Speaking of independent economic institutions

Here’s a proposal for another one.

The governance of financial regulation: reform lessons from the recent crisis
Date: 2010-12
By: Ross Levine
URL: http://d.repec.org/n?u=RePEc:bis:biswps:329&r=reg
There was a systemic failure of financial regulation: senior policymakers repeatedly enacted and implemented policies that destabilised the global financial system. They maintained these policies even as they learned of the consequences of their policies during the decade before the crisis. The crisis does not primarily reflect an absence of regulatory power, unclear lines of regulatory authority, capital account imbalances, or a lack of information by regulators. Rather, it represents the unwillingness of the policy apparatus to adapt to a dynamic, innovating financial system. A new institution is proposed to improve the design, implementation and modification of financial regulations.

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13 years ago

But Nick,
We both live in Oz..
I agree wholeheartedly with what you allege –
But neither of us can forward the matters since we both lack the guarantee afforded by a Charter of Rights.
The same thing lacking affords our multiple systems of alleged governance the ease to shell, say, the likes of Julian Assange off to the Americans.
Who might be next if they make a fuss?

As you mention – the rules (regulatory power) are in place but no-one ‘in office’ intends ever to use them mainly because no-one out there has ever heard of them – or if they have would ever be game or have the time to complain that they had not been applied.
I imply that there is a lack of support for outbreaks of dissidence lately in Oz.

To give you due I’ve heard you making this sort of statement lately.
At my peasant level people like you should have been saying these things years ago.

I have a jaded view about first-contact to middle-management cadres in banking and finance in the regions.
They tend to lack more imagination than those they pretend to ‘service’.
They are too often employed directly from school after being good at sports and other ‘character building’ activities.
They are predominately the beneficiaries of sheer unadulterated nepotism and usually therefore corrupted before they began work.
It beggars belief that the higher echelons of their employment never noticed this before the rot spread upwards.
At the bottom of the heap it has been evident forever that the rot extends from top to bottom and from bottom to top.
It is the main feature of a disease that has existed for far too long.
It is called usury


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