Basel: a testament to failure

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From the FT:

“Give me chastity and continence, but not yet.” Bank regulators seem to understand the sentiment of the youthful St Augustine. The post-crisis Basel III capital standards delay banks’ day of mortification.

For banks, this is good news.

For the rest of us it’s very bad news.

For the prospect of reform of the world’s economies it’s dire: the clearest indication that our politicians haven’t got the bottle to deliver what is needed.

This has the prospect of ending in tears.

Or worse.

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