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Halting the Financial Doomsday Machine

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NOTHING BUT GREASE BETWEEN HERE AND THE TREES
Can we afford our financial system? That's the question Martin Wolf tackles in today's FT. Naturally, the answer is no, but understanding why this is so is a necessary condition for evaluating ideas for reform, he writes. "In the end, halting the financial doomsday machine is going to involve fundamental changes in policy towards – and the structure of – the financial system. There are two broad approaches now under discussion. The official one is to make something roughly like the present system far safer, by raising capital and liquidity requirements, moving derivatives on to exchanges and enforcing prudential regulation. The alternative is structural reform." Which is the lesser of evils? With that question he leaves us with a cliffhanger.
SOURCE:   Financial Times

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