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Old 15-02-2016, 03:13 PM   #1
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Default 'Only another financial crash can change things'

Excerpts from an article in The Spectator (23rd January, 2016):

The low tricks of high finance: how greedy bankers, weak politicians and timid journalists could cause a new crash

Michael Lewis is, by a long way, the most important financial writer alive today — not just in his native America, but worldwide. At a time when public confidence in Wall Street and the City is at rock-bottom, his views pack a mighty punch. [...]

Described by Reuters as ‘probably the best single piece of financial journalism ever written’, The Big Short analysed how the international banking system came off the rails, with devastating consequences for the global economy, due to the crass, immoral behaviour of those running some of the world’s biggest banks.

Well aware of the potential cultural and political impact of a Hollywood movie (‘a lot more powerful than a mere book’), Lewis states his views on the financial reforms since the 2008 financial crisis. ‘Not nearly enough has been done — the regulatory response has been totally inadequate,’ he says. ‘The big banks have blocked serious reforms, meddling in the process so incentives haven’t changed enough to attack the heart of the problem — which is why it could happen again.’


So does he believe that this latest film adaptation of one of his books — which also stars Brad Pitt among its stellar cast — will generate such clamour for financial reform that it finally provokes the changes he so desperately wants?

‘I don’t think so,’ Lewis says. ‘The reality is that a major restructuring of the financial services industry will only ever happen if we get another really big crisis.’


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Old 15-02-2016, 03:21 PM   #2
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What restructuring is he talking about?

Removal of usury? Removal of bank's ability to "loan" money that is created by the debtor at the time of signing a loan offer?

Surely that is the only way forward to create a fair system.
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Old 16-02-2016, 02:49 AM   #3
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I dont think @ this point anything will help!
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