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No one has a clear mandate at the moment to deal with the threat of major financial instability, but I cannot help but feel that the threat from that source is greater than the threat from inflation, deflation, the balance of payments and the other familiar economic variables we have confronted in the past.

Now that is interesting - finally an admission that what has been happening is far more dangerous and destructive than the so-called wage inflation push of the 70s.

Can this point be worked into the LTE, perhaps?

The real issue is that this is serious - it's not even about greed any more, it's about reality-based finance and fiscal stability.

Bankers love to talk about 'prudence' and 'stability' - so let's see policies that support those aims instead of undermining them.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed Aug 22nd, 2007 at 07:31:00 AM EST
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