planetary problems in extreme conditions
This is a shame, as the disagreements are not that huge. They involve merely the scale, scope and timing of the increases in capital and liquidity that banks will be required to hold. Oh, and as well as the leverage they will be allowed.
In response to these splits, the UK and the US are generously offering – as the press release puts it – ‘to delay the implementation of the Basle reforms so as not to water them down’. Are we grateful or what?
Speaking after a particularly taxing G20 session, UK Chancellor George Osborne said languidly, “One of the things I will be pressing for is that the agreements reached last year on capital, leverage and liquidity are now concluded. We want an end to the uncertainty.”
Well George, an end to uncertainty is what we need.
In an unrelated incident, a Mr Noah said he had assessed the weather forecast, but that differences remained between his colleagues as to the scale, scope and timing of the increases in rainfall we might expect. Work on his proposed Ark project moved forward from the committee-based drawing-board space, so as not to water it down.