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was caused by UK-driven EU deregulation of banks which made the Landesbank previous business model illegal and forced them to find new ways to make money - more risky ways. Call it the Brussels consensus if you will, but this one was pushed relentlessly by the City.

Wind power
by Jerome a Paris (etg@eurotrib.com) on Tue Jan 24th, 2012 at 01:24:37 PM EST
[ Parent ]
Can I call it the Basel Consensus?

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Migeru (migeru at eurotrib dot com) on Tue Jan 24th, 2012 at 01:25:27 PM EST
[ Parent ]
Has this been diaried?

I think it's an important piece of the picture if we're to develop a new set of regulations for a more stable banking system.

by Metatone (metatone [a|t] gmail (dot) com) on Tue Jan 24th, 2012 at 02:05:55 PM EST
[ Parent ]
Just read Minsky.

I am really curious how this can be traced back to the evil City of London rather that generally to the Basel Committee...

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker

by Migeru (migeru at eurotrib dot com) on Tue Jan 24th, 2012 at 03:53:58 PM EST
[ Parent ]
Metatone:
Has this been diaried?

I think it's an important piece of the picture if we're to develop a new set of regulations for a more stable banking system.

yes, please...

can this be reverse-engineered? sounds like glass-steigel.

~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~

by melo (melometa4(at)gmail.com) on Tue Jan 24th, 2012 at 04:49:30 PM EST
[ Parent ]
What was their previous business model?

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid (arvid.hallen at gmail.com) on Tue Jan 24th, 2012 at 03:49:57 PM EST
[ Parent ]
Financial repression.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Migeru (migeru at eurotrib dot com) on Tue Jan 24th, 2012 at 03:53:00 PM EST
[ Parent ]
Did the same thing happen to Credit Agricole and Credit Local de France?

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Migeru (migeru at eurotrib dot com) on Tue Jan 24th, 2012 at 05:43:49 PM EST
[ Parent ]

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