Why, for a change, not listen to those who proved beyond reasonable doubt they knew?
Sir, in November 1999 I wrote in Economía Hoy, Caracas the following:
“The possible Big Bang that scares me the most is the one that could happen the day those genius bank regulators in Basel, playing Gods, manage to introduce a systemic error in the financial system, which will cause the collapse of the OWB (the Only Bank in the World)... Currently market forces favors the larger the entity is, be it banks, law firms, auditing firms, brokers, etc. Perhaps one of the things that the authorities could do, in order to diversity risks, is to create a tax on size.”
And you of all must be aware of the literally hundreds of letters that I, though accused of boring and monothematic, have sent you about the extremely faulty financial regulation that were produced by the Basel Committee… and this before the current Big Bang.
That is why I read with much satisfaction that Martin Wolf titles his article “The challenges of halting the financial doomsday machine” April 21, better late than never. Since he is planning to address what to do about it the next week, I do hope he will consider some of what I have written to FT and to him… if only because I sure gave evidence of that I knew and know what was and is wrong… and this even though I am not a member of his group of great influential economists with their PhDs.
“The possible Big Bang that scares me the most is the one that could happen the day those genius bank regulators in Basel, playing Gods, manage to introduce a systemic error in the financial system, which will cause the collapse of the OWB (the Only Bank in the World)... Currently market forces favors the larger the entity is, be it banks, law firms, auditing firms, brokers, etc. Perhaps one of the things that the authorities could do, in order to diversity risks, is to create a tax on size.”
And you of all must be aware of the literally hundreds of letters that I, though accused of boring and monothematic, have sent you about the extremely faulty financial regulation that were produced by the Basel Committee… and this before the current Big Bang.
That is why I read with much satisfaction that Martin Wolf titles his article “The challenges of halting the financial doomsday machine” April 21, better late than never. Since he is planning to address what to do about it the next week, I do hope he will consider some of what I have written to FT and to him… if only because I sure gave evidence of that I knew and know what was and is wrong… and this even though I am not a member of his group of great influential economists with their PhDs.
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