Three Godfather’s of International Financial Deregulation All Admit Publicly It Is Flawed, But New Zealand And The World Head Down The Same Broken Path At Breakneck Speed.
Another monetary, banking and credit systems reform group joins the growing global groundswell;
http://www.newsdawn.net/press/?p=1297
*VIENNA ECONOMICS PROFESSOR FRANZ HÖRMANN TO LEAD GRASSROOTS EUROZONE MOVEMENT FOR REFORM OF MONEY SYSTEM
joining these already growing in UK and US;
http://www.positivemoney.org.uk/
and why wouldn’t New Zealand join them after all the three major protaganist’s of the neo-liberal unbridled free-market system underwritten by the middlemen with the “magic cheque books” have all in recent times publically admitted it has failed;
Doco of Alan Greenspan relationship with the loon liberterian Ayn Rand ending with him admitting the ideology he imposed upon the world was “flawed”
http://www.youtube.com/watch?v=QIHLezCyzCI
and this from Alan Greenspan at congressional global finance crisis inquiry;
http://www.nytimes.com/2008/10/24/business/economy/24panel.html
But on Thursday, almost three years after stepping down as chairman of the Federal Reserve , a humbled Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending.
“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he told the House Committee on Oversight and Government Reform.
“You had the authority to prevent irresponsible lending practices that led to the subprime mortgage crisis. You were advised to do so by many others,” said Representative Henry A. Waxman of California, chairman of the committee. “Do you feel that your ideology pushed you to make decisions that you wish you had not made?”
Mr. Greenspan conceded: “Yes, I’ve found a flaw. I don’t know how significant or permanent it is. But I’ve been very distressed by that fact.”
then his partner on the other side of the Atlantic, Mervyn King Governor of the Bank Of England;
http://www.economist.com/node/17363435
reported in Economist magazine Oct 28 2010;
WHEN central bankers talk about interest rates they are famously obscure. Not so when it comes to discussing banks. In a speech on October 25th at The Economist’s Buttonwood Gathering in New York, Mervyn King savaged big banks and criticised the new Basel 3 rules as too soft. Then he said what he really thought, arguing that “of all the many ways of organising banking, the worst is the one we have today.” Possible remedies included not just breaking up banks, but also “eliminating fractional reserve banking”—the centuries-old practice of banks taking in deposits and lending most of them out in riskier and longer-term loans. Having ignored finance for a decade the Bank of England now seems to want to reinvent it.
then Bill Clinton admits he was wrong to allow deregulation;
In my EXCLUSIVE “This Week” interview, I asked former President Bill Clinton if he thought he got bad advice on regulating complex financial instruments known as derivatives from his former Treasury Secretaries, Robert Rubin and Larry Summers. He acknowledged that he was wrong to take the advice of those advising him against regulating derivatives.
“On derivatives, yeah I think they were wrong and I think I was wrong to take [their advice] because the argument on derivatives was that these things are expensive and sophisticated and only a handful of investors will buy them and they don’t need any extra protection, and any extra transparency. The money they’re putting up guarantees them transparency,” Clinton told me.
“And the flaw in that argument,” Clinton added, “was that first of all sometimes people with a lot of money make stupid decisions and make it without transparency.”
The former President also said he was also wrong about understanding the consequences if the derivatives market tanked. “The most important flaw was even if less than 1 percent of the total investment community is involved in derivative exchanges, so much money was involved that if they went bad, they could affect a 100 percent of the investments, and indeed a 100 percent of the citizens in countries, not investors, and I was wrong about that.”
In a CNBC Meeting Of The Minds 7 Oct 2010 which was replayed on CNBC Saturday 27 August 2011 11-12pm NZ time, shows Bill Clinton is still very wrong minded, checkout what he said about banking between 9-10 mins in vid;
http://video.cnbc.com/gallery/?video=1610351140#
“We need to figure out how to get the banks to lend more money, as you know at conservative ratio’s banks can lend ten times their uncommitted cash reserves, loan 18 trillion dollars and be far more conservative than what helped cause this meltdown, that being leveraged at 10-1, Bear Stearns was at 34-1, Lehman well over 25-1.”
So there you have it, the three major protagonist’s of financial deregulation that led to the current global credit crisis have all publicly admitted they were wrong, yet our current ex banking insider Prime Minister, John Key, continues to take us at breakneck speed down a broken path when those at the highest level are saying lets stop for the proverbial David Lange and Jim Bolger “cup of tea break” and lets have a think about this. In case you dont know Lange and Bolger “cup of tea break”, they were both past NZ PM’s that called for a lets stop and review this when they realised their finance ministers Roger Douglas to Lange and Ruth Richardson to Bolger had been pulling the wool over their eyes and colluding to rip the nation off with corrupted bureaucrats within the Treasury.
The world is waking from its trance and we must stop the transfer of part or whole of any more of our necessity of life public assets into private hands under false circumstances!
Apt time to show how John Key profited by being part of the robbery of Ireland under those “false pretences” and how he is step by step overseeing the same legislation put in place here in NZ;
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