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02:56 PM on 12/26/2011
You’ve all heard Mark Twain’s description of a banker, “He who lends you the umbrella when the sun shines and takes it away when it rains” and many thinks that kind of natural risk-adverseness of bankers have often stood in the way of the risk-taking that is needed in order to take the world forward, like the risk in bank lending to small businesses and entrepreneurs.

But, the bank regulators, by means of the capital requirements for banks based on perceived risks of default, increased exponentially the risk-adverseness of bankers, and are thereby poisoning the Western World with a dangerous virus of cowardness.

The first and very clear symptoms of the poisoning are the excessive banks exposures created to anything that was officially perceived as absolutely not risky, like triple-A rated securities and infallible sovereigns… the other symptoms, hidden, are all the opportunities of development that have been forever foregone by making it harder and more expensive to small businesses and entrepreneurs to access credit.

And so of course we live in a very dangerous moment, ruled by silly nannies who believe development and keeping the economy moving can be a risk-free business.

PS. If the moderator allows it here is a video that explains part of the regulatory madness that is killing the Western World. http://bit.ly/dFRiMs Occupy Basel!
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windwolf
02:23 PM on 12/26/2011
Capitalism by its very nature and structure, ans its emphasis on competition carries with it a life boat philosophy, which is, "There's only enough room in this boat for us, the rest of you can sink or swim." It's nothing more than a primitive vestige of survival of the fittest - plain and simple social Darwinism. Such nefarious sensibility does nothing more than dooms any chance for global cooperation to sure and certain failure. Maybe in the long run it will be a good thing to have a system that's been teetering for a long time on the brink of failure both domestically and globally. Rather than being replaced by another ideology, perhaps it will be based a term I coined, called cooperatism, that more directly expresses the only workable primary value - cooperation. In my view, the only mode that can possibly work in an overpopulated world,with rapidly diminishing resources and ecologically sustainability.
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Steve Lives
The Venus Project ... look it up
04:02 PM on 12/26/2011
Check out the Venus Project wind. If you are not aware of it, I think you will like its direction.
http://www.thevenusproject.com. Also, the related Zeitgeist Movement. http://www.thezeitgeistmovement.com/
The Zeitgeist movies Addendum and Moving Forward are also a good watch.
http://www.zeitgeistmovie.com/
I think you will understand what a Resource Based Economy is in short order.
06:41 PM on 12/26/2011
thats fact,survival of the fittest ,so bulk up get ready
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windwolf
02:17 AM on 12/27/2011
I bench 250, and spar with the meanest and baddest "Bro" Wanna go a few rounds in da jungle, so we can really "get ready?"
02:21 PM on 12/26/2011
the International Monetary Fund is the danger to society
06:42 PM on 12/26/2011
Obama is the international banker
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Jean Clelland-Morin
religion / the Golden Rule
02:03 PM on 12/26/2011
Denmark is my favorite example of a system that is fair. They didn't fall for the Euro-hype. Citizens pay high taxes. Denmark has a large Welfare system. There is no big rich-poor gap - pay is according to merit. According to research, the Danes are very satisfied with their system. Also, according to research, they are the least corrupt country. Least Corrupt. If we don't get Meaningful Campaign Reform, how can we expect our lawmakers to work for the people?!
04:49 PM on 12/26/2011
So, in Denmark where "pay is according to merit" does a person who doesn't work...get no pay? That doesn't sound like a "Welfare system". In fact the "high taxes" sounds very like "Euro-hype".
01:38 PM on 12/26/2011
Bush ruined the whole world, 7 billion people will suffer for decades because of Bush
06:44 PM on 12/26/2011
yea right, But Obama told you he would fix everything, What happened, not enough time? ,I bet he needs 8 years then we will see HAPPY DAYS AGAIN, right?
01:34 PM on 12/26/2011
A simple but serious mistake has been made in the market over the last 20 to 30 years of the Modern Information Age. This mistake created a maddening economic condition in real markets. If we do not break down the logic of the existing do...wnward-spiraling economic condition – the real source of our problems -- I believe that every new effort will be just as ineffective and useless as everything else we have tried. )

Please see: “The Real Cause of the Current Economic Crisis and a Suggested Solution” http://goo.gl/9y8Uf
01:17 PM on 12/26/2011
No kidding Christine! You have really messed things up.
02:20 PM on 12/26/2011
Quick work for being in office less that six months.
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trumbull desi
If I have something pithy to say, see below
01:15 PM on 12/26/2011
(Is it me or is Ms. Lagarde looking rather Boehner-fied?)
06:47 PM on 12/26/2011
Boehner-fried.

It looks like it could be Boehner in a wig.
01:01 PM on 12/26/2011
For 800 billion, the US could bail out all negative equity on home mortgages and stop the crisis in its tracks. This would not be complicated. Evaluate every residential property for current market value, compare to the mortgage owed. I would limit this to homes valued under 800,000 dollars. Pay down the mortgage. This would end most foreclosures. This therefore would end the financial crisis. simple. Why are we not doing this? Why does the government continue to feed the banks and not eliminate the problem at the root????
02:00 PM on 12/26/2011
Because our government is a criminal enterprise serving only the 1%, who are benefiting from the housing crisis. Our government is not only for us, it's actively working against us. Wall street is in charge in Washington. They gave us a pass trough president who is taking direction from Tim Geithner. Sad but true. Goldman Sachs was obama's biggest contributor, he's their guy, and so will the next president. We are now a Banana Republic. Our government over the past 50 years has sold us out.
06:46 PM on 12/26/2011
you sold yourself out ,by participating in the Obama fantasy show
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12:52 PM on 12/26/2011
The global economy remains in crisis as long as Glass-Steagall is not adopted universally and the banksters are not brought-to-justice.

It's as simple as that.
01:04 PM on 12/26/2011
It isn't do much the Bankers but their limits and lack of regulations which the Governments of their countries did not put in place for the bankers to observe. Same thing around the world. with Banks who think of the below prime notes they gave.. which really did not make sense. giving them to people who had bad financial histories, or fraudulent financial docs.
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02:26 PM on 12/26/2011
Glass-Steagall is the regulation needed to end the crisis.

That way the banksters can fraud one another all they want; just not with taxpayer guaranteeing their customer accounts.
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Bayard Waterbury
social philosopher
10:52 PM on 12/26/2011
And yet, we rarely hear an utterance from the official pundits or politicians. You are at least partly right. I would say we need to downsize the biggest banks, but G-S would have that outcome, and, as a matter of fact, if it was readopted, the TBTF's would all immediately go under. None of them can survive without using the funds they get from the FED to do high speed trading and selling more derivatives. As to the banksters, what is it that makes this so different from the S&L crisis of the early eighties where hundreds went to prison.
07:34 PM on 12/28/2011
Nothing, but size.
12:50 PM on 12/26/2011
Ironic how strong Germany is----what with their high taxes, universal health care and strong unions. Don't hear much about that from the IMF.
04:57 PM on 12/26/2011
Maybe Germany's success has more to do with their work ethic,education and thriftiness more than everyone else's universal problems?
07:39 PM on 12/28/2011
Germany some would claim were some who pushed the idea of a European Union to Europe.They also had a large input into the laws of the E.U. Germany is starting to feel the effects.Most of the countries in the EU are putting thier $ into Germany's bank.It is survial mode in europe.10 countries will come out of it.But only the strongest ones will be allowed to remain within it.But that to will eventually falter.
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aforbes808
Naked is a state of mind.
12:47 PM on 12/26/2011
"Protectionism is in the debate, and everyone for themselves is winning ground."

"I see the arrow that they shot, trying to tear us apart. Take the fire from my belly and the beat from my heart, but I won't let go. No I won't let go." - Coldplay
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Zephyra
12:46 PM on 12/26/2011
Yes, it's a tough situation. However, grunting sounds do not equate with actual work being done. It's nearly impossible to dredge up sympathy for those who allowed either greed or 'I-do-this-because-I-can' to fill the void where responsible decision-making should live. There are those who have taken on the role of adult, but can they compensate for those who choose not to do so? Doubtful.
April22
Some experiences in life are ineffable
12:29 PM on 12/26/2011
"There is indeed a 'plot against the people,' and probably always will be, for government has always been hostile towards the governed. It is not a new story, and the conspirators and conspiracies have varied from era to era, depending on the political or economic situation in their various countries."

Taylor Caldwell

Captains and the Kings

I you haven't had a chance to read Taylor Caldwell's entire Preface to Captains in the Kings, from which this is an except, you'll not be disappointed if you take the time to do so.
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AbeMartin
The best person fer a job is never a candidate
12:21 PM on 12/26/2011
Too bad the one of the Alfred Nobel Prize Committees doesn't establish an award for the most obvious, and gratuitous statement by a world economic or political leader each year. She would be a lock for it.
05:25 PM on 12/26/2011
You're thinking of the committee that gave Obama the award for being POTUS for thirty days,aren't you?