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I've seen the results of Europes "sensible" bank policies. They look even worse than the American experience.

The Bundesbank and the Spanish central bank have done about as good a job as can be done under the circumstances. The examples you pull out are due to the insane market fundies in our parliaments more than the regulators.

Whether they have managed to mishandle it more grossly than their American fellow faithful is something that will not become apparent until we begin to pull out of the depression.

A sane bank regulator, no matter how stupid, looking at the situation in 2007 and not worrying about a global crash and escalating depression would have been worse than corrupt.

Newsflash: We got a global crash and escalating depression. Destroying Wall Street could hardly have made the crash worse, and it would have removed a significant part of the opposition to sane and responsible fiscal and monetary policy going forward.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Dec 20th, 2009 at 02:36:43 PM EST
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