{"id":196606,"date":"2008-04-09T16:42:00","date_gmt":"2008-04-09T21:42:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/04\/09\/why-we-need-real-financial-regulation\/"},"modified":"2008-04-09T16:42:00","modified_gmt":"2008-04-09T21:42:00","slug":"why-we-need-real-financial-regulation","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/04\/09\/why-we-need-real-financial-regulation\/","title":{"rendered":"Why We Need Real Financial Regulation"},"content":{"rendered":"<p>Because people like this wreck national economies for sport.<\/p>\n<p>The Financial Times reports on how a <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/20b359f4-058b-11dd-a9e0-0000779fd2ac.html?nclick_check=1\">booze soaked get together of international hedge fund managers was organized by Bear Stearns laid the groundwork for a conspiracy to destroy the Icelandic currency and economy<\/a>.<\/p>\n<p>Of interest is that Iceland made itself vulnerable to this as a part of its aggressive transition from a resource extraction (fishing, once more than 1\/6 of the economy) to a banking economy, and right now they have 8.7% inflation, and the central bank has set rates at 15%, so fishing may stage a comeback.<\/p>\n<p>It should be noted that Iceland is actually in a pretty good position.  It&#8217;s banks are well capitalized, and it has been running budget surpluses for some time, though its current account deficit is large.<\/p>\n<p>One wonders if JP Morgan might be left holding the bag on this.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Because people like this wreck national economies for sport. The Financial Times reports on how a booze soaked get together of international hedge fund managers was organized by Bear Stearns laid the groundwork for a conspiracy to destroy the Icelandic currency and economy. Of interest is that Iceland made itself vulnerable to this as a &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1080,973],"tags":[],"class_list":["post-196606","post","type-post","status-publish","format-standard","hentry","category-corruption","category-currency","category-economy"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196606"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=196606"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196606\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=196606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=196606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=196606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}