Thursday, May 09, 2013
Banks currently need to hold much more capital against exposures to “The Risky” than for exposures to “The Infallible”, and this even though “The Risky” already needs to pay higher interest rates, get smaller loans and accept harsher terms. That only hinders growth and widens the gap between the haves, the old, the history, the developed, “The Infallible” and the have-nots, the young, the future, the not developed, “The Risky”.
Those who do not care about it, or even feel it is correct, are de-facto complicit of crimes against humanity.
Among these we find some Nobel prize winners’ like Professors Joseph Stiglitz and Paul Krugman.
In UK some banker's knighthoods are being recalled, perhaps some Nobel prizes should be recalled too.
You, the young, you need to denounce these stodgy aprės nous le déluge baby-boomers.