For a tough new global rule set, this crisis simply isn't big enough
Thursday, July 16, 2009 at 12:34AM NEW BUSINESS: "Why A Global Fix Is So Far Off: The financial crisis just hasn't been bad enough for G-20 leaders to cede power to international regulators," by Michael Mandel, BusinessWeek, 6 July 2009.
NEW BUSINESS: "Even Tougher Rules Across The Pond: Europe's new financial regulations may put U.S. financial firms at a competitive disadvantage," by Theo Francis and Mark Scott, BusinessWeek, 6 July 2009.
Hard to think the recent crisis wasn't bad enough, but the rising New Core doesn't particularly want to pay for the sins of the Old Core.
Plus, the cooperation East-West just isn't there yet.
So we wait for the next, suitably big-enough System Perturbation. When does it arrive? After some next fabulous global boom.
Still, expect the rule-setting division of labor to continue within the Old Core, with the EU leading and the US lagging.
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