Posts Tagged ‘tax havens’

Basel III: business as usual for bankers

by Carne Ross

Successful lobbying – or blackmailing – by banks means that financial regulation to prevent another crash is too weak to work

 

 

It turns out that the global political-economic system is about capital, after all. Capital explains what kind of system we are in; capital explains who runs it.

The global economy came very close to total collapse in the so-called “credit crunch” of 2008-2009; tens of millions lost their jobs; many economies have yet to recover. The meltdown was caused by too much risky lending by banks. There is a simple method to prevent another crisis: make banks hold more capital against their loans. The more capital a bank is required to hold, the less likely it is to fold when confidence collapses.

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Why Aren’t The Honest Bankers Demanding Prosecutions Of Their Dishonest Rivals?

By William K. Black

This is the second column in a series responding to Stephen Moore’s central assaults on regulation and the prosecution of the elite white-collar criminals who cause our recurrent, intensifying financial crises. Last week’s column addressed his claim in a recent Wall Street Journal column that all government employees, including the regulatory cops on the beat, are “takers” destroying America.

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Progressing the Social Democratic Agenda