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All items tagged financial reformOpen Think Tank ArticlesSeptember 24, 2009 | The G20 Pittsburgh Summit - Symbolic Policies or Fundamental Reforms?Johannes Klocke: In principal, the G20 process is right. Yet, the emphases of the G20 agenda remain questionable and problematic. It is becoming more and more likely, that even the deepest crisis since the Great Depression will not suffice to initiate fundamental reforms of the financial system. ... MoreGlobal Must Read ArticlesFebruary 18, 2011 | The West Helps Middle Eastern Dictators to StealWhile tyrants like Hosni Mubarak and Omar al-Bashir steal from their citizens, banks in the west only help conceal it. ++ Rather than celebrating the protests in Egypt and pouring aid into the region, we should focus on the hypocrisy of our system. ++ The West needs to start by responding to corruption within its own systems. ++ Improving regulations in the financial world, making transactions ... MoreMarch 11, 2010 | How to Better Prepare for the Next Financial CrisisThe financial crisis demonstrated that economic difficulties arise as a result of misguided financial as well as monetary policies. With the crisis a recent memory, the chances are good for tackling the root of the problem and reforming the old system, since both spheres are interconnected and hence need to be reformed in concert. For one, the formation of asset bubbles needs to be avoided and ... MoreDecember 11, 2009 | Banks Must Serve the Global CommunityEurope must lead the way in forging a new financial consensus, as fundamental issues must be addressed globally. ++ We live in an age where national economies have been eclipsed by global structures, so financial standards must be likewise modernized. ++ There is an urgent need for a new compact between banks and the society they serve. ++ There must be a worldwide process to improve financial ... MoreApril 30, 2009 | Financial Crisis Requires Deeper ChangesThe IMF estimates the fiscal costs of rescue efforts to be high and difficult to obtain. ++ Still, the solid logic remains: the fiscal costs of deep recessions are greater than those of rescuing finance. ++ Choices of how to fix the system entail risks and little hope for amelioration. ++ Managed bankruptcy — with unpleasant risks — makes sense due to the dire effect on incentives of the ... MoreJanuary 21, 2009 | President of Change or President of Continuity?Worldwide, the state has recently reassumed a greater role in the economy, including firm sustainers of the neoliberal philosophy. ++ The adoption of Keynesian measures has been seen as an unavoidable step to counteract the undesirable consequences of excessive deregulation of financial markets. ++ These measures are, however, provisional and will disappear as soon as the crisis is tamed. ++ ... MoreDecember 19, 2008 | A New Consensus for Global Financial Regulation“We need a financial system that operates with less leverage, has stronger oversight, and is more transparent.” ++ Already existing regulators have been under pressure from top-earning bankers to not use their powers. ++ The US refused IMF assessment until July 2008. ++ Rules have to be enforceable and enforced. ++ Also the regulators need monitoring. ++ 19 new international judicial institutions ... MoreNovember 18, 2008 | Europe's Economy Needs Cooperative EffortsTo answer the G20’s calls for budgetary stimulus, Europe needs a three-part recovery program. ++ EU member states must pledge to equally share the burden of recovery. ++ Because many countries will exceed EU deficit limits, budgetary boosts need to be accompanied by an agreement to strengthen the EU’s fiscal framework. ++ Member states should make a commitment to avoid borrowing at ... MoreOctober 29, 2008 | But Words Can Never Hurt My Financial SystemEuropean financial schadenfreude and finger-pointing directed at the US might be premature crowing. ++ Not all roots to the crisis stem from New York, rather mainly from London and Frankfurt. ++ Blaming the US and calling for a new global financial order is “an excuse to restore European statism as official policy.” ++ History, especially Japan’s, has exhibited the superior ... MoreOctober 22, 2008 | Cries for Change Are Empty Political PlatitudesCrying to re-found democratic capitalism and create a new global economic order, world leaders are simply trying to divert attention away from their own helplessness and cover the confusion they have been thrown into by a crisis they failed to predict and prevent. ++ These are empty political platitudes – there will be no revolution. ++ The creation of a global financial market watchdog is ... MoreOctober 9, 2008 | US Sneezes, World Catches the FluEven those inimical to US policies “have reason not to gloat over America’s comeuppance.” ++ Hugo Chavez has warned of the impending force of “one hundred hurricanes” about to be unleashed on the world’s markets. ++ European nations are having a hard time coming to terms with a solution; Sarkozy has promulgated an EU-wide bailout fund for all 27 members, which faced ardent opposition from ... MoreOctober 1, 2008 | The US Needs a Global Line of CreditThe US is following a pattern similar to Japan’s financial crisis in the 1990s, but ignoring the principles and method with which to handle it. ++ Unlimited liquidity in the market is needed and the world should help share the burden. ++ The US must ask the global community to provide $5 trillion for troubled financial institutions. ++ This should come from those who have collected dollar ... MoreSeptember 30, 2008 | Financial Anger the World Over, but MisguidedAnger stemming from the financial mess is ubiquitous; the biggest backlash comes from outside the Anglo-American world and is directed at their unique type of capitalism. ++ The disparity between individualism and solidarity is the primary cause. ++ Markets are not perfect, nor are Adam Smith’s theories. ++ “Arm’s-length finance,” a distinctly Anglo-American style, has made headway on the ... MoreSeptember 24, 2008 | Financial Fix Must be Clear and EfficientUrgent action to save the financial system is good, but current draft legislation is risky. ++ Congress should not rush into a decision but needs to concentrate on three things: quickly restoring financial stability with low cost, punishing those responsible, and addressing the cause of the crisis — the price collapse in the real-estate market. ++ The Treasury plan has major problems, ... MoreSeptember 22, 2008 | History Repeats its Financial SelfHistorically, reformers have always tried to stabilize activity through control of interest rates and money supply, but these are not consistently correlated. ++ The current crisis was foreseeable; booms cannot be eternal. ++ The world’s central bankers should first save the system. ++ Many want to raise the expansion rate as soon as possible, but the US election may make stabilization ... MoreSeptember 19, 2008 | Multilateralism - Making the Market WorkThis is not the end of capitalism, but “the global financial system will never be the same again.” ++ Those responsible for the mess are now entrusted with cleaning it up. ++ Politicians had little choice: socialize the debt or sit and watch as depositors are sucked into the maelstrom. ++ The primary task of politicians should be to establish a system of credible international ... MoreSeptember 17, 2008 | The Time for Government Regulation is NowThree of the top five Wall Street investment banks are no longer independent or no longer exist. ++ The US financial system is “melting away.” ++ Undue faith in unregulated markets led to dubious risk taking in the US as well as in Europe. ++ The worst is yet to come: Government bailouts for private sector financial industries are looking “increasingly likely.” ++ The ... MoreApril 21, 2008 | "Financial Industry Needs an Overhaul!"The mortgage crisis emphasized that even sophisticated market players were “clueless about new financial instruments that emerged” and general reconditioning that needed to be done. ++ Economists distinguish 3 schools of thought: libertarian, finance enthusiasm, and finance skepticism. ++ For each – better or worse, personal benefits, and individual freedom, are balanced against ... MoreApril 8, 2008 | Fundamentalist Fallacy, New Paradigm Needed!The current housing mortgage crisis points to a general problem in finances. ++ Financial authorities and institutions are guided by market fundamentalism. ++ Their success has reinforced the misconception that markets are self-correcting, but current events show regulation is necessary. ++ To establish a clearing house or cutting foreclosures should be a priority. ++ Government intervention is ... More |
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