Monday, Aug 27, 2007
Central banks are trying to save the system.... will they succeed?
International Herald Tribune: Central banks try to prevent the global system from unraveling
By Michael R. Sesit Bloomberg News
Published: August 26, 2007
PARIS: 'This financial crisis is far from over," says Rob Carnell, London-based chief international economist at ING Wholesale Banking. "U.S. house prices have further to fall; delinquency rates have further to rise; and subprime mortgage-backed assets will likely fall further."
The world's major central banks face four challenges as they strive to prevent the global financial system from unraveling and growth from stagnating: Acting in a concerted manner; improving transparency; deciding who gets bailed out and who doesn't; and making sure whatever monetary medicine is administered doesn't come with destabilizing side effects.
Posted by cgnao @ 03:03 AM (271 views) Add Comment
2 Comments
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1. Vicmac64 said...
only for a while - its a deck of cards that has been wobbling for the past 20 years, the frequency is going up and the crash will come soon.
2. Realist said...
Yes that's right, it is up to everyone else to be in line with helicoptor ben and explain themselves if not. Classic US arrogance as they try to save their dire mismanaged economy.
"Australia, China, Norway, South Africa and South Korea recently raised official interest rates. And the British, Swiss and Swedish central banks have neither cut borrowing costs nor signaled a desire to postpone expected rate increases.
At a minimum, these central banks should signal that they are in accord with the Fed and, if not, be clear about why they are not."