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A Failure of Regulation   [2010_02-02,  Website] Failure of Regulation.   How to reform Regulation to avoid a relapse. Chapter 1 – A Failure of regulation Much has been said and written on the causes of the financial crisis of 2007/2009.  Fingers have been pointed at the lax monetary policy operated by the Fed following the recovery from the bursting of the tech bubble.  Others have made a connection with the liquidity created by the structural payments imbalances which forced surplus countries to dump their excess savings on the US credit markets, forcing long term rates to lose their linkages with the Fed’s traditional control over short term interest rates. Who can forget the amazement of Alan Greenspan at seeing the Fed’s loss of influence over the long term end of the interest rate curve, which amazement Greenspan had described as ‘conundrum’? Some  have blamed the crisis on the inability of banks to self regulate and their indulging in excessive leverage to reap increased profits, leading to outrageous executive bonuses. Some have blamed the lax control on the initiation of sub-prime mortgages and on the distribution model for mortgage backed securities by major banks  who had no contact whatsoever with the mortgage borrowers underlying their CDO’s; such that banks were totally blinded by their defective mathematical models on the true credit worthiness (or lack of it)  of the borrowers underpinning their exposure to sub-prime mortgag...     ....read more Square Circles [2010-06-13,  The Malta Independent on Sunday] The US economy seems well entrenched in a gradual recovery from the banking induced recession. The recovery is now being reflected even in the US jobs market, which is normally a lagging indicator of economic growth. Employers initially meet increased production demand with overtime...   Plan C for the Euro [2010-06-10,  The Malta Business Weekly] Doubts about the sustainability of the euro monetary union are being expressed openly as never before. The foreign exchange value of the euro has fallen some 12 per cent against the US dollar over the last two months and, notwithstanding Greece’s bailout and a pledge... The Euro Austerity Club [2010-05-30,  The Malta Independent on Sunday] In an article I wrote in this series two months ago, I posed the question whether the euro monetary union would still be around in 20 years’ time. I had answered my own question stating that “it could disappear much sooner than 20 years unless the whole structu...   Deliver us From Evil [2010-05-16,  The Malta Independent on Sunday] If your house was on fire, would you continue to behave according to the routine rules and rituals that apply when things are normal? That is exactly what Jean Claude Trichet, the president of the European Central Bank (ECB), tried to do on Thursday, 6 May when addressing ... If it Quacks [2010-05-02,  The Malta Independent on Sunday] If it looks like a duck, if it swims like a duck and if it quacks like a duck then there must be a very, very high probability that it is a duck. If it is all huddled up, silent and motionless, it does neither prove nor disprove that it is a duck. If it looks like a duc...   Let Regulations Select Rating Agencies [2010-04-27,  Financial Times] Sir, No serious reform of rating services can leave in force the present issuer-pays model. As you state (editorial, April 26), an investor-pays model would be a better approach but this is quite impractical given the wide investor base. I feel the best approach would ... Poles together Pope Apart [2010-04-18,  The Malta Independent on Sunday] Poland has a history of suffering like few other nations. In the Second World War, they were vilified, victimised and humiliated by the Nazis, who started the war on 1 September 1939 as Hitler ignored warnings from the UK and France and marched mercilessly into Poland, jus...   That Vision Thing [2010-04-04,  The Malta Independent on Sunday] Maybe it’s because it is Easter. Maybe because spring brings a more positive outlook to life as we emerge from winter hibernation to breathe fresh cool air and to enjoy the colours of nature. Or maybe it’s because I ferociously believe in this country’s great potential and...          Other 20 Recent Articles       [2010-03-21]   Will the euro be around in 20 Years   [2010-03-07]   Something Has to Give   [2010-02-21]   Let`s Not Follow Greece   [2010-02-07]   PIGS must be helped to Fly   [2010-01-24]   The Limits of Elected Power   [2010-01-10]   Taxing Visitors   [2009-12-27]   A Decade Trip from Y2K to why it Cracked   [2009-12-18]   500 Fridays   [2009-12-13]   A Strange World   [2009-12-11]   The More Things Change   [2009-12-04]   Getting Serious On Corruption   [2009-11-29]   Dubai Standstill Rocks the World   [2009-11-27]   Going Against the Grain   [2009-11-20]   Wealth or Debt   [2009-11-15]   Unintended Consequences   [2009-11-13]   Undecided Between Hope and Despair   [2009-11-11]   Bagit li Huwa Skars mill-Kredibilita   [2009-11-06]   The Wall and the Roundabouts   [2009-11-01]   Too Big to Fail   [2009-10-30]   Cola Hard Choice

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