And some global "uber regulator" is no answer, either, because it would never be agreed upon.
Global self regulation by all market participants not just the intermediary lunatics who currently own the market asylum - is the answer IMHO with market standards agreed by governments collectively.
Market 3.0 I called it, almost seven years ago now... "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
self-regulations simply doesn't work
Not the way it's been tried. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
There has never been such a complete bollocks as the UK electricity market.
But then it is designed to extract the maximum short term profit for shareholders, because their agents are essentially the ones who designed it. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
The point is that deregulation and unbundling is only advocated by those who stand to profit from destroying a working system. It is wasn't for them nobody would have thought of doing it, therefore it doesn't work irrespective of how it's done, because those who might "do it well" won't do it in the first place. We have met the enemy, and he is us — Pogo
It is still the case that certain markets in the world are so important (and the US is one of these in various financial transactions) that regulations there actually filter out to the rest of the system.
Yes, there will be loopholes and yes some people will avoid compliance by moving operations to the Cayman islands. In the end however, a first step to stabilising the system is regulating the activities of savings banks, most of whom do sit in a geographical position they cannot escape.
Now I know you have no interest in measures to stabilise a system you believe to be doomed, but that's a separate issue.
And to insure fairness and transparency, the rules and methods for decentralised multi-stakeholders regulation must be defined and agreed at a global level. "Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet
There's no difference between "multi-stakeholder" and "self-regulation" by all. It's the same holistic outcome. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
There's no difference between "multi-stakeholder" and "self-regulation" by all.
Yes, but most people will probably understand "self-regulation" as voluntary regulation by the industry alone (i.e. to leave the financial markets regulation to the banks themselves). "Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet
