A brief and simple explanation of why this crisis was doomed to happen given
by someone who, in 1999, wrote "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"
and then who, while an Executive Director of the World Bank, 2002-2004, did all he could to warn about the utterly faulty regulatory paradigm that had been adopted by Basel... all to no avail.
You can find much more here:
http://www.subprimeregulations.blogspot.com/
http://financefordevelopment.blogspot.com/
http://baselcommittee.blogspot.com/
http://www.theaaa-bomb.blogspot.com/
Eye opener!
valicourt 7 months ago