Monday, February 8, 2010

Links in Fast Moving Times 2/8/2010

The European debt problem could turn into contagion with immediate global impact.
Greece: The Eu needs to develop an anti-crisis policy, a monetary endgame, and act as a cohesive unit.
               Do we want a global margin call?
               Who are the derivative traders attacking Greece?

Portugal, Spain, and US Deficits:  How it all weaves together with Greece, Germany's desire to profit, and the lack of European Monetary Union response to the economic needs of member nations.

Do not forget Ireland and the effect of the EMU.

China: Loan defaults within China are increasing.

Systemic Risk:  We have discussed the concept of a Tobin tax to penalize and control systemically risky behavior in the the financial industry.  Why should banks not be taxed in order to discourage systemic risks?

In each of the countries above, the banks in those countries have contributed directly to the current problems and they need to be regulated.  Derivatives trading needs to be regulated on a transparent recording market.

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