Michel Rocard on the possibility of another financial crisis,via Project Syndicate


'Simply put, there are no brakes that could stop the global economy from blundering into another financial crisis. Tax havens remain numerous, and their regulation anarchic. The skimpy enforcement measures undertaken by bank regulators since the crisis are nowhere near appropriate to what is at stake. Governments have refused to reinstate the absolute wall of separation between commercial and investment banks, leaving taxpayers on the hook to pay deposit-insurance claims when the bubble-prone financial sector blows up.'

About stephenkmacksd

Rootless cosmopolitan,down at heels intellectual;would be writer. 'Polemic is a discourse of conflict, whose effect depends on a delicate balance between the requirements of truth and the enticements of anger, the duty to argue and the zest to inflame. Its rhetoric allows, even enforces, a certain figurative licence. Like epitaphs in Johnson’s adage, it is not under oath.' https://www.lrb.co.uk/v15/n20/perry-anderson/diary
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