As a former Executive Director of the World Bank I know that the columnists of the Financial Times have more voice than what I ever had, and therefore they might need some checks-and-balances. For more see "A Blog is Born" at the very bottom.
Would a child shouting out “the Emperor is naked” have his observation published in FT? Would he now need a PhD for that to happen?
November 28, 2008
Neutralize the regulatory credit destruction
Sir in your “Credit creationism” November 28 you say “It is not clear how banks will be coerced into lending” Why do you not try by neutralizing the minimum capital requirements for the banks imposed by Basel and which mostly coerces the banks away from their normal risky bank lending into the havens that the officially appointed risk surveyors, the credit rating agencies, consider as safe?