[FoRK] Do You Belong to The Church?
Ken Ganshirt @ Yahoo
ken_ganshirt at yahoo.ca
Wed May 5 16:45:08 PDT 2010
--- On Wed, 5/5/10, Joe Fish <reverend.joe at gmail.com> wrote:
> I think The Church Of The Globalist Free Market which seems to be
> rising to ascendancy in this Tea Party age has never lived under
> perfect capitalism.
The real hypocrisy is that any firm large enough to be interested in globalism has not the slightest interest in free markets. What they want is easy entry to markets where they can easily dominate -- monopolize or at the very least strike a cartel with a few other biggies.
> For my own part, I remember at least two deregulation-ary free-market
> crazes: the S&L's in the 80's, and the current CDO/CDS mess.
> And yet, every republican-cum-free-marketeer i speak to about the
> current mess (and the other one I can remember) always seems to think
> the source of the problem just HAD to be that we didn't deregulate
In Canada we have less financial regulation, or at least simpler regulation, but serious enforcement rather than lip service. Our regulators, for instance, don't worry so much about a distinction between investment banking and normal banking. They simply insist on a capital ratio with hard enforcement and refuse to allow the sort of on-book/off-book shit that the American and other countries' banks have been allowed to indulge in. If you own something it's on the books and used in the capital ratio calculation. Period. As one example...
Now, having weathered the global financial crisis better than pretty much any other country on the globe, everyone is pressuring us to penalize our banks and our economy with this dumbass bank tax the IMF is recommending. I don't agree with our current government on much, but on this issue I sincerely hope they hold fast.
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