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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Henry Volquardsen who wrote (2913)	1/8/2001 10:23:37 AM
From: Sam	Read Replies (1) of 3536

Henry, I know you have referred to yourself as a "libertarian" on many occasions on this thread in the past. And I have considerable sympathy with such a position. But in your comparison of Japan of the late 80s and the current situation in the US, you wrote: <<The US banking system, under the close supervision of the Fed, has built a strong capital base. The strongest it has been in decades. In addition the Fed pays very close attention to return on assets criteria.>> Surely this implies that in this imperfect world filled with imperfect humans, regulation and oversight is necessary, and the choice isn't really between regulation/oversight vs. no regulation/oversight ("let the so-called 'market' make all of the decision"), but intelligent regulation/oversight vs. stupid regulation/oversight. I'm curious about how you resolve this at least apparent tension? Or do you just follow the time honored American pragmatic way, and just not pursue libertarianism to its logical extreme? I know a book--many books--could be written about this, but it may make an interesting discussion for this philosophically diverse thread. Sam

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