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Wednesday, August 31, 2011

A small glimmer of hope appears

I have very mild optimism that maybe the politicians are starting to get it. I read an article from England, and I quote:

The Liberal Democrat minister said: "It is disingenuous in the extreme to use the current context to argue against reform."
"Banks are in a way trying to create a panic around something which they know has got to happen."
"The governor of the Bank of England and many other people have been arguing that we have to deal with the too-big-to-fail problem."
"We can't have big global banks with balance sheets bigger than British GDP underwritten by the taxpayer; this can't go on and it has got to be dealt with."

Sir, you do and America does, when you include the CDS liabilities that can trigger a cascade failure. That is what you get when you allow such agreements with zero transparency and minimal guidelines from the public.

I have minimal hope since a chorus of people are needed, not just a couple of politicians to bring the underlying problems to a head.
I'll eagerly await other bloggers to dissect if the changes in Britain are real, or another toothless paper tiger.

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