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Friends, The current banking crisis is eroding prosperity of most Americans. Uncontrollable inflation and stagnant incomes have squeezed American households. The financial market meltdown is potentially an unnerving harbinger of a great global depression. Sporadic riots have surfaced, globally, due to rising food prices. The crisis was prognosticated before 2003 in a book entitled “Prosperity” (http://www.pro-prosperity.com/Citizens%20Publishing/TableOfContents.pdf),” which is based on decades of research on optimal bank regulatory policies, some of which have been adopted by the U.S. Congress and BIS Basle Accords. The author had submitted the preemptive policy proposals from his book and cited papers to the U.S. Congress as well as to the media in 2003. This Coffee Shop should discuss such issues, particularly, in light of the following points made by the author of new policies for prosperity: 1. What is the worth of a prognosis of the current financial market meltdown, accurately made in 2003? It should be at least a trillion dollars because that is the amount already incurred by the government or lost by the banks. This does not count the trillions of dollars in erosion of household wealth including in pension plans and mutual funds. 2. Based on research on financial stability, prosperity and competitiveness (http://www.pro-prosperity.com/Research/research.html), the author had accurately prognosticated in 2003 the current severe financial market meltdown which may now erupt into a global depression. He had also made a specific research-based safe banking policy proposal to the U.S. Congress in 2003 to avert such financial meltdown (http://www.pro-prosperity.com/Global%20Economy%20Chatterbox/Warning-USCongress-In-2003-On-Home-Mortgage-Debacle.html). He has followed up on his policy efforts: pro-prosperity.com. 3. The U.S. Congress did not ignore the safe banking proposal. The Congress held testimonies of the then Fed Chairman, who also held a conference on safety and soundness of the banking system, after receiving the safe banking policy proposal in 2003. But the banking economists had then declared that the banking system was safe and sound! 4. The book “Prosperity: Optimal Governance,” written in 2003 and published by Citizens Publishing in 2005, contains research-based preemptive policies which could avert the financial meltdown. The safe banking policy research, contained in this book, led the author to the prognosis in 2003 about an impending home mortgage debt crisis brewing under the veneer of government-hooted economic growth. The very basis of his research-based prognosis is indeed the exact cause of the meltdown, as determined now by the US Congress. 5. The author had also sent to the media the safe banking policy proposal in plain English in 2003. They should have published such issues in the best interest of the vast majority of American households. They should perhaps have published even a book report for “Prosperity: Optimal Governance” or carried the safe banking policy proposal as a column. The author feels that such policies could have alleviated the moral hazard problem. pro-prosperity.com Thanks. Rational | ||||||||||||
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