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Non-Tech : Derivatives: Darth Vader's Revenge
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To: axial who wrote (1707)9/18/2010 6:12:01 PM
From: Hawkmoon  Read Replies (1) of 2794
 
Not really much I can disagree with..

But everything in the global financial sector, ruled by dozens of different standards (set by each nations government and/or central banks) amounts to shades of gray.

It's financial warfare and every nation engages in the practice in order to gain the upper hand over rivals. The US is no different.

But I certainly agree that the trend to increasing regulation on banks is a global one. We still have to deal with the naked CDS issues, but as you've pointed out, that's coming under increasing international pressure (and deservedly so).

However, putting banks under government control is no different than nationalizing any other industry. The financial system will become even less efficient, transparent, and it will be pillaged by politicians. And in some cases it will become a direct weapon of state aggression.

We HATE you guys.

I assume this is attributed to a Chinese spokesperson? If so, my response is that we hate them for pegging their currency to the USD in order to play "beggar thy neighbor" economic practices. China engaged in "manufacturer financing" of the US consumer.. selling us stuff and then parking it in our US debt rather than taking a large percentage back home (thereby appreciating their currency). So now they complain because they are left "holding the bag" on so many sub-prime CDOs and MBS securitites. Well, it's a situation they played a large role in creating.

Hawk
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