Posted on 07/11/2016 9:47:11 AM PDT by milton23
Many political pundits are upset over Brexit because they believe that Europe—the entire world, actually—needs more “harmonization” of financial regulators. They see Brexit as a threat to EU bureaucrats’ efforts to “police” global derivatives.
But why should Britain—or any other country for that matter—follow the same international blueprint that harmonized bank capital requirements? The Basel accords, first implemented in the late 1980s, completely missed the mark on account that international bureaucrats were wrong about pretty much everything.
Britain should ignore these voices, as well as those of anyone else preaching that forcing everyone to do exactly the same thing is a good idea. This kind of top-down standardization is bad in general, and particularly so in financial markets.
(Excerpt) Read more at dailysign.al ...
Pat Condell - We Saved Our Democracy
https://www.youtube.com/watch?v=THWPJE4xaJM
Thousands of lemmings cannot all be wrong.
:-)
Britain Should Tell EU Elite to Take a Hike or a long walk off a short broken bridge
It appears more EU nations should leave.
They blamed Brexit for the markets going down but now they are booming.
It stands to reason that the more countries leave the EU the markets will do better and better.
They're no smarter than us; we won't tell the DC elite to "take a hike" either!
Governments need to be able to stop worrying about banks.
Government bank insurance above say $1,000 per depositor in any year should be phased out over ten years, with insurance limited to US citizens.
Why should governments worry about depositors having access to certificates of deposit with say .2% interest rates paid by banks?
It is silly for a government to risk $1,000 of its money for $2 of bank interest paid to a depositor annually.
Just the money lent to the government should be fully guaranteed by the government.
A new $100,000 bank deposit might be guaranteed by the FDIC for $90,000 in 2017, $80,000 in 2018, $10,000 in 2025, and at most $1,000 in 2026 and beyond.
EU last week: Brits, your financial firms will flee if you exit the EU.
EU this week: Brits, your financial firms will stay in the UK and do bad things.
The EU giving financial advice - sort of like Brian Griffin giving dating advice or Bill Clinton giving marriage fidelity counseling.
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