Friday, Jan 25, 2008
Ways to fix the world’s financial system - By Gordon Brown ??
FT: Ways to fix the world’s financial system - By Gordon Brown ??
Not posted for any intellectual value, no need to read.
Posted by andrew @ 08:34 AM (238 views) Add Comment
3 Comments
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1. Icarus said...
Now I see. It wasn't a bunch of spivs enriching themselves at the expense of global economic stability - it was underpricing of risk and transparency deficits, two technicalities which lend themselves to technical solutions. Our alert and prescient politicians, central banks and regulators will soon sort that one out.
2. Pelethar said...
So why post it then?
3. paul said...
What Gordon Brown forgets to mention is that it was under his stewardship that he divided out responsibility between the FSA and Bank of England. If he had not made this decision, the Bank of England would have been in a better position to prevent a Northern Rock.
In addition, it was his full approval as Chancellor that the Bank of England pursued an unsustainable low interest rate policy to drive asset prices up, thus creating strong incentives to underprice risks.
A little bit like when the mafia create a crimewave then offer to solve the problem for you.