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Welcome shiyi18,Search My account Manage my newsletters. The Economist,Wednesday September 22nd 2010 Site feedback. Home Print edition September 18th 2010,This week s print edition. Are we there yet Previous print editions Subscribe. Daily news analysis, America s recovery will be Sep 11th 2010 Subscribe to the print edition. Opinion much slower than that from Sep 4th 2010,All opinion Or buy a Web subscription for.
most recessions but the Aug 28th 2010 full access online. Leaders government can help a bit Aug 21st 2010, Letters to the Editor leader Aug 14th 2010 RSS feeds. KAL s cartoons More print editions and Receive this page by RSS feed. Correspondent s diary covers,Economist debates,The world this week. Politics this week,Politics this week,Business this week. International,KAL s cartoon,United States,The Americas. Asia Leaders Aircraft makers,Another nose in the trough.
Middle East America s economy,Europe Are we there yet Business schools. Britain A pecking order for MBAs,Europe s Romanies. Special reports Hot meals for hard cases Healthy food. Business and finance Yuck,All business and finance Finance. Business this week Taming the banks Mobile phones in tough places. Economics focus Wireless carrier pigeons,Swedish politics. Business education, The strange death of social democratic Sweden Print on the iPad.
Management,A smashing success,Pakistan s floods,Economics A Z A ruined country Faber Castell. The future of the pencil,Economics Britain s Labour Party. All Economics,First among equals Foreign investment in China. Markets and Data,Even harder than it looks,Daily chart. Weekly indicators Letters Sex and e commerce,World markets Tubular hell.
Currencies On American forces humanitarian aid China v India. Rankings family owned businesses the SNP Latvia the RAF Schumpeter. Big Mac index holidays Down with fun,Science and technology. All science and technology Briefing Briefing,Technology Quarterly. Technology Monitor Pakistan The American economy,After the deluge The great debt drag. All culture,Style guide United States Finance and Economics. People Primary elections Africa s banking boom,The tea partiers march on Scrambled in Africa.
Obituaries, The Democratic primary in Washington DC Buttonwood. Diversions Another paradox of thrift,Out on his ear. Audio and video, Audio and video library Tennessee s 8th district Wall Street the sequel. Audio edition Serving the Lord Goldman whacked, The World In The Faith and Freedom Coalition Nigeria s banks. The World in 2010 Ralph s way Lagos in limbo,The World in 2009.
The World in 2008 Asset leasing in Chicago Financial regulation. The World in 2007 The big sell Basel s buttress,The World in 2006. Water wars in the south east Yen intervention,The World in 2005. Chattahoochee blues Because I Kan,The World in 2004. The tax debate Finance after the crisis CalPERS,Research tools. All research tools Someone will pay Investor heal thyself. Articles by subject,Lexington Economics focus,Economics A Z.
The wrong target Sizing up China s cities,Special reports. Style guide,The Americas Science Technology,Country briefings. All country briefings,Land and violence in Colombia Black holes. This land is our land Win some lose some,Brazil Video games. Reform in Cuba,United States The skills from zapping em.
Towards a mixed economy,Venezuela s economy Flying fish. Disappearing dollars Natural born gliders,Mexico s bicentennial fiesta Locust swarms. A night to remember and to forget The rules of attraction. Correction Suriname Correction Geothermal energy,Asia Books Arts. Japanese politics New fiction,Now for the Bionic Kan Petals of blood. China and Japan War in Afghanistan,Getting their goat A wasteful effort.
Aid to North Korea American politics,After the storm A man in full. The Mexican drug trade,My account home Get Shorty,Nepal China and India. Newsletters and alerts Rivals on the roof of the world Sarah Bernhardt. Manage my newsletters,Divine inspiration,Manage my e mail alerts Thailand. Manage my RSS feeds Bouncing briefly back Pakistan. Manage special offer alerts Lovebirds and murder,More Kashmir. India s intifada Ferdowsi s Shahnameh,Print subscriptions The book of kings.
Subscribe to The Banyan,An exercise in fertility,Renew my subscription Obituary. Change my print,subscription delivery Middle East Africa. billing or e mail address Lord Bingham,Pay my bill. Israeli Palestinian peace talks,Activate premium online. Still talking at least Economic and Financial Indicators. Report a missing copy,Palestinians and the talks Overview.
Suspend my subscription,Suspicion prevails,Output prices and jobs. Somalia and the United States,Digital subscriptions What s to be done. Subscribe to The Economist commodity price index,Economist com. The sorry state of Swaziland,Manage my subscription Industrial production. A boiling pot,Mobile edition, Audio edition Trade exchange rates budget balances and interest.
Download screensaver rates,Classifieds and jobs,MBA salaries. The Economist Group Europe,About the Economist Group. Economist Intelligence Unit The Swedish election,Economist Conferences Moderate and happy. Intelligent Life,Roll Call Turkey s referendum,European Voice Erdogan wins again. EuroFinance,Reprints and permissions The Ukrainian government.
Viktor ludorum,EIU online store,Moscow s embattled mayor. Economist shop Luzhkov v Medvedev,Advertisment A German railway row. Green shooters,Balkan railways,From Berlin to Beijing. Charlemagne,Waiting for the big call,Labour s leadership race. And the winner is,Angry trade unions,The comrades take on the coalition.
The evolution of pubs,Two pints of lager and a decaf latte. Inflation angst,The trouble with Plan B,Governing the BBC. Into the fray minus shield,Science funding,Grey sky thinking. Articles flagged with this icon are printed only in the British edition of. The Economist,International,A long road,Romanies and terminology. Words not deeds,Green funerals,Exit strategies,Cryptography Iran and America.
Worse than useless,Advertisement,About sponsorship. Selling of Business Wastewater SolarAid looking for Financial Services Financial Services Aviva. Nov cke chemick Management Chief Executive Authority Authority FSA Qualified Actuaries. Local location, z vody Authority Mauritius based in London or Market Analysts Solvency II. Post of GENERAL Nairobi Click here Conduct Risk Canary Implementation. MANAGER On for more information Wharf Various roles. Contract Click here to apply Canary Wharf,For more information London. visit our web site, About The Economist online About The Economist Media directory Staff books Career opportunities Contact us Subscribe Site feedback. Copyright The Economist Newspaper Limited 2010 All rights reserved Advertising info Legal disclaimer Accessibility Privacy policy Terms Conditions Help. Politics this week,Sep 16th 2010, In one of the biggest upsets in America s primary election.
season Christine O Donnell a Republican running for senator in. Delaware and supported by the tea party movement beat Mike. Castle the party establishment s choice and a popular politician in. the state Ms O Donnell s victory in the primary could benefit the. Democrats in November s election In Washington DC the sitting. mayor Adrian Fenty lost to Vincent Gray chairman of the city. council See article, Barack Obama named Austan Goolsbee as head of his Council of. Economic Advisers after the resignation of Christina Romer Mr. Goolsbee is one of the chief architects of the Obama. administration s economic policy See article, Jerry Brown the Democratic candidate for governor of. California apologised for remarks he had made about Bill. Clinton Mr Brown long a foe of the Clintons explained his record. of not raising taxes in a previous stint as governor by way of an oblique reference to the Monica. Lewinsky affair I did not have taxes with this state Mr Clinton endorsed him nonetheless. Legal action for Roma, Viviane Reding the EU justice commissioner used unusually harsh language to criticise France s. expulsion of Roma migrants and said the European Commission would begin legal action Pierre. Lellouche France s Europe minister said it was inappropriate to say such things to France which. he called the mother of human rights See article, Turkey s government won a referendum on proposed constitutional amendments by an. unexpectedly large margin of 58 42 The changes which include an overhaul of the judiciary. have been welcomed by the EU and America See article. Speculation grew that Yuri Luzkhov the powerful and long serving mayor of Moscow had fallen. out with Dmitry Medvedev Russia s president and might be forced to quit Mr Luzkhov faced. harsh criticism in an investigative report on the state owned NTV television channel See article. Le Monde accused the French presidency of ordering intelligence agents to investigate its. reporting of alleged illegal donations to President Nicolas Sarkozy s 2007 presidential. campaign and said it would sue Mr Sarkozy s office denies the accusations. Goodluck on Facebook, Goodluck Jonathan the president of Nigeria announced on his Facebook page that he would.
contest the presidential election next January Mr Jonathan a southerner became president in. May after succeeding Umaru Yar Adua a northerner who died in office Normally the presidency. would revert to a northerner to see out Mr Yar Adua s full two terms but the bosses of the ruling. People s Democratic Party have apparently been swayed by Mr Jonathan s merits. The mineral rich west African country Guinea postponed the second round of presidential. elections that were due to take place on September 19th casting doubts on its bid to return to. civilian rule, Direct peace talks between the Israelis and the Palestinians. chaired by the United States continued in the Egyptian resort of. Sharm el Sheikh and Jerusalem The Americans and Palestinians. want the Israelis to extend a freeze on settlement building that. expires at the end of this month See article, The Obama administration has announced plans to sell Saudi. Arabia arms worth as much as 90 billion over the coming. decade in what would amount to America s biggest ever weapons. sale The package includes dozens of fighter jets which could be. used in any future confrontation with a nuclear armed Iran. An American hiker was freed by Iran after a year in jail Sarah. Shourd was accused of being a spy when she and two male friends. walked over the border from Iraq the two men remain in custody. Bicentennial present, As Mexico prepared to celebrate the bicentenary of independence troops arrested Sergio. Villareal Barrag n the latest in a string of drug kingpins to be captured or killed Meanwhile two. prison guards helped 85 prisoners to escape from a jail by using a ladder to scale a wall See. Cuba s labour federation announced that more than 1m state employees one fifth of Cuba s. workforce will lose their jobs They will be expected to become self employed or join new. private enterprises See article, N stor Kirchner the husband and predecessor of Argentina s president Cristina Fern ndez and. possible successor to her in 2011 underwent successful emergency surgery to unblock an artery. Failed bid for power, The Khmer Rouge tribunal in Cambodia indicted four senior leaders of the former regime three.
years after they were put behind bars The move ensures that a former head of state an ex. foreign minister and his wife and the Khmer s second in command will face trial In July the. regime s top jailer was sentenced to 35 years in prison. Ichiro Ozawa a past master of Japanese political intrigue lost his attempt to usurp Naoto Kan. as leader of the governing Democratic Party of Japan DPJ Had he won Mr Ozawa would have. become the country s prime minister despite corruption scandals and his widespread. unpopularity See article, At least 20 civilians and a policeman were killed in Indian. controlled Kashmir as a summer of violence intensified since. the end of Ramadan In Delhi Sonia Gandhi leader of the. governing Congress party made an unusually conciliatory plea on. behalf of Kashmiris legitimate aspirations and blamed their. anger on the brutality of the 20 year conflict See article. A maritime squabble between Japan and China escalated even. as Japan released 14 members of a Chinese fishing crew that its navy had detained a week. earlier The crew s captain remains in detention accused of ramming his boat into two Japanese. patrol vessels in waters near a disputed group of islands which both countries claim as sovereign. territory See article, A once in a generation conference of North Korea s ruling party at which the succession of. power from Kim Jong Il was thought likely to be announced has been postponed according to a. South Korean minister Meanwhile South Korea resumed food aid to the North for the first time in. six months and the North offered to hold high level military talks with the South See article. The world this week, About The Economist online About The Economist Media directory Staff books Career opportunities Contact us Subscribe Site feedback. Copyright The Economist Newspaper Limited 2010 All rights reserved Advertising info Legal disclaimer Accessibility Privacy policy Terms Conditions Help. Business this week,Sep 16th 2010, Agreement was reached on Basel 3 the new international regulatory regime for banks The rules. raise the minimum amount of capital lenders are required to have as a cushion against. unexpected losses They will have until 2019 to comply fully with the 7 core Tier 1 capital ratio. requirement Investors were relieved at the comfortable timetable critics however argued that. the rules were too lax See article,New sheriff in town.
The European Commission the European Union s executive branch proposed the creation in. 2012 of a regulatory watchdog to oversee opaque financial practices The new agency will target. short selling and derivatives trades and will have the power to ban them for up to three. month periods Michel Barnier the EU commissioner in charge said no financial market could. afford to stay in Wild West territory, The World Trade Organisation ruled that Boeing an American planemaker had received illegal. subsidies from the American government The details of the decision remained confidential The. WTO had earlier ruled that Airbus Boeing s European rival had also been getting illegal low. interest government loans America and the EU filed their WTO cases against each other in 2004. See article, Greece managed to raise 1 2 billion 1 6 billion in six month bills in its second foray into the. markets since its bail out in May The sale was 4 5 times oversubscribed but investors demanded. a 4 82 yield The debt laden country had paid 4 65 in its last auction in July The Greek. debt management authority plans to tap the markets on a monthly basis issuing three and six. month paper, On the other side of the Aegean Turkey s economy grew by an. impressive 3 7 in the second quarter and by 10 3 year on year The. OECD advised the country to seize the golden opportunity for labour. market reform and fiscal discipline to sustain economic momentum. The price of gold hit an all time high of 1 274 per troy ounce on. September 14th The price came amid forecasts that central banks. would be net buyers of bullion in 2010 for the first time in two decades. The commodity s price has climbed by 15 since the beginning of the. Japan intervened to drive down the yen for the first time since 2004 after the currency hit a 15. year high against the dollar Naoto Kan the Japanese prime minister said he would take action. again to curb the rise of the currency which has been threatening the country s fragile economy. See article, AIG is planning a Hong Kong listing for AIA its Asian life insurance unit The company which is. nearly 80 owned by the American government is disposing of assets to repay a 182 3 billion. taxpayer infusion during the crisis Earlier in 2010 AIG tried to sell its Asian business to. Prudential a British insurer for 35 5 billion but the deal fell through. Broken tune, Terra Firma a private equity group has been granted its day in a New York court against.
Citigroup which it sued over the buy out in 2007 of EMI a British music company Terra Firma. claims that the American bank which was advising EMI on its sale and also acting as a lender. tricked it into buying the company by deliberately providing false information about a rival bid. Nokia hired Stephen Elop a former Microsoft executive to replace Olli Pekka Kallasvuo who will. be stepping down as chief executive The Finnish company also launched three new smart phone. models in an attempt to rebuild eroding market share Nokia has failed to produce a serious. competitor to the iPhone so far but remains the world s biggest mobile phone manufacturer. Credit Suisse said it had agreed to buy a stake in York Capital Management an asset manager. for an initial 425m and potential additional performance related payments over time York. manages roughly 14 billion on behalf of other investors. The Indian environmental protection agency blocked plans by Lafarge the world s biggest. cement maker to build a factory in the Himalayas The 187m limestone quarry and plant. project is backed by the local community The French company which has faced difficulties. operating in India before said it remained committed to building it. Scramble for copper, First Quantum Minerals sued Eurasian Natural Resources Corporation over ownership of the. Kolwezi copper project in the Democratic Republic of Congo First Quantum of Canada owned. the mine until last year when the Congolese government seized it citing violations of mining. rules and then sold a majority share to ENRC Congo is the second biggest copper producer in. Africa after Zambia,The world this week, About The Economist online About The Economist Media directory Staff books Career opportunities Contact us Subscribe Site feedback. Copyright The Economist Newspaper Limited 2010 All rights reserved Advertising info Legal disclaimer Accessibility Privacy policy Terms Conditions Help. KAL s cartoon,Sep 16th 2010,The world this week, About The Economist online About The Economist Media directory Staff books Career opportunities Contact us Subscribe Site feedback. Copyright The Economist Newspaper Limited 2010 All rights reserved Advertising info Legal disclaimer Accessibility Privacy policy Terms Conditions Help. America s economy,Are we there yet, America s recovery will be much slower than that from most recessions but the. government can help a bit,Sep 16th 2010, WHITHER goest thou America That question posed by Jack Kerouac on behalf of the Beat.
generation half a century ago is the biggest uncertainty hanging over the world economy And it. reflects the foremost worry for American voters who go to the polls for the congressional mid. term elections on November 2nd with the country s unemployment rate stubbornly stuck at. nearly one in ten They should prepare themselves for a long hard ride. The most wrenching recession since the 1930s ended a year ago But the recovery none too. powerful to begin with slowed sharply earlier this year GDP grew by a feeble 1 6 at an annual. pace in the second quarter and seems to have been stuck somewhere similar since The housing. market slumped after temporary tax incentives to buy a home expired So few private jobs were. being created that unemployment looked likelier to rise than fall Fears grew over the summer. that if this deceleration continued America s economy would slip back into recession. Fortunately those worries now seem exaggerated Part of the weakness of second quarter GDP. was probably because of a temporary surge in imports from China The latest statistics from. reasonably good retail sales in August to falling claims for unemployment benefits point to an. economy that though still weak is not slumping further And history suggests that although. nascent recoveries often wobble for a quarter or two they rarely relapse into recession For now. it is most likely that America s economy will crawl along with growth at perhaps 2 5 above stall. speed but far too slow to make much difference to the jobless rate see article. Why given that America usually rebounds from recession are the prospects so bleak Because. most past recessions have been caused by tight monetary policy When policy is loosened. demand rebounds This recession was the result of a financial crisis Recoveries after financial. crises are normally weak and slow as banking systems are repaired and balance sheets rebuilt. Typically this period of debt reduction lasts around seven years which means America would. emerge from it in 2014 By some measures households are reducing their debt burdens. unusually fast but even optimistic seers do not think the process is much more than half over. Battling on the bus, America s biggest problem is that its politicians have yet to acknowledge that the economy is in. for such a long slow haul let alone prepare for the consequences A few brave officials are. beginning to sound warnings that the jobless rate is likely to stay high But the political debate. is more about assigning blame for the recession than about suggesting imaginative ways to give. more oomph to the recovery, Republicans argue that Barack Obama s shift towards big government explains the economy s. weakness and that high unemployment is proof that fiscal stimulus was a bad idea In fact most. of the growth in government to date has been temporary and unavoidable the longer run growth. in government is more modest and reflects the policies of both Mr Obama and his predecessor. see article And the notion that high joblessness proves that stimulus failed is simply wrong. The mechanics of a financial bust suggest that without a fiscal boost the recession would have. been much worse, Democrats have their own class warfare version of the blame game in which Wall Street s. excesses caused the problem and higher taxes on high earners are part of the solution That is. why Mr Obama s legislative priority before the mid terms is to ensure that the Bush tax cuts. expire at the end of this year for households earning more than 250 000 but are extended for. everyone else, This takes an unnecessary risk with the short term recovery America s experience in 1937 and. Japan s in 1997 are powerful evidence that ill timed tax rises can tip weak economies back into. recession Higher taxes at the top along with the waning of fiscal stimulus and belt tightening by. the states will make a weak growth rate weaker still Less noticed is that Mr Obama s fiscal plan. will also worsen the medium term budget mess by making tax cuts for the middle class. Ways to overhaul the engine, In an ideal world America would commit itself now to the medium term tax reforms and spending.
cuts needed to get a grip on the budget while leaving room to keep fiscal policy loose for the. moment But in febrile partisan Washington that is a pipe dream Today s goals can only be. more modest to nurture the weak economy minimise uncertainty and prepare the ground for. tomorrow s fiscal debate To that end Congress ought to extend all the Bush tax cuts until 2013. Then they should all expire prompting a serious fiscal overhaul at a time when the economy is. A broader set of policies could help to work off the hangover faster One priority is to encourage. more write downs of mortgage debt Almost a quarter of all Americans with mortgages owe more. than their houses are worth Until that changes the vicious cycle of rising foreclosures and falling. prices will continue There are plenty of ideas on offer from changing the bankruptcy law so that. judges can restructure mortgage debt to empowering special trustees to write down loans They. all have drawbacks but a fetid pool of underwater mortgages will much like Japan s loans to. zombie firms corrode the financial system and harm the recovery. Cleaning up the housing market would help cut America s unemployment rate by making it. easier for people to move to where jobs are But more must be done to stop high joblessness. becoming entrenched Payroll tax cuts and credits to reduce the cost of hiring would help The. health care reform alas does the opposite at least for small businesses Politicians will also. have to think harder about training schemes because some workers lack the skills that new jobs. Americans are used to great distances The sooner they and their politicians accept that the. road to recovery will be a long one the faster they will get there. About The Economist online About The Economist Media directory Staff books Career opportunities Contact us Subscribe Site feedback. Copyright The Economist Newspaper Limited 2010 All rights reserved Advertising info Legal disclaimer Accessibility Privacy policy Terms Conditions Help. Europe s Romanies,Hot meals for hard cases, Persecuting Romanies won t solve Europe s biggest social problem Education. Sep 16th 2010, PREACHING to outsiders comes naturally to the European Union s leaders They are comfortable. castigating Iran for its abuse of human rights or America for its unequal society They are less. happy when outsiders point to their own shameful social problem the conditions and treatment. of the continent s 10m plus Romani or Gypsy citizens. On every social index from income to life expectancy from illiteracy to health from criminality. to child welfare the Romanies do worse than any other European group They are not just poor. but also persecuted In some countries even allegations of forced sterilisation persist amid. official denials, Until the European Union expanded eastwards this was mostly a problem for eastern European. countries But many Romanies have since moved westwards boosting the numbers of an ethnic. group which is rarely welcomed Rightly or wrongly locals believe they bring with them dirt. crime begging and squatter camps at beauty spots, Some western European governments have a simple solution deport them Pioneered by Italy. that approach has now spread to France which has sent some 8 000 Romani home to Romania. and Bulgaria this year in what it insists are mostly voluntary deportations aided by cash. resettlement grants The policy is generally popular among voters. It is also immoral and probably illegal In July the French government ordered police to clear 300. illegal camps with priority to the Roma ones Imagine a government ordering that lawbreakers. be rounded up with blacks as a priority The EU s justice commissioner Viviane Reding has. rightly threatened to take legal action against France which may lead to large and humiliating. fines It is a sad way to mark the middle of Europe s Decade of Roma Inclusion. The plight of Europe s Romanies is grave but it is not hopeless Given the opportunity they can. thrive just like anyone else Some are doing well in America see article Aspects of their culture. such as purity codes that discourage dealing with outsiders certainly hamper efforts to improve. their lives But a much bigger problem is the sense of despair and exclusion that makes going to. school or seeking work seem a hopeless waste of time. Reading writing and Romanies, The place where the EU and member governments can break the cycle is education Many.
Romani children attend school patchily if at all Those figures are static or in some countries. worsening given the demography Romani families are usually large improving schooling is a. matter of urgent European self interest as well as of principle. Integrating Romani children into mainstream education is going to be hard given a history of. humiliation in the classroom A child who has never used indoor plumbing or seen a book is easily. mocked Many Romani parents believe their children should be earning not learning The cost of. books and uniforms and the difficulty of getting to class are barriers too By the time formal. school starts at six or seven it may be too late Integration begins with good nursery education. But experience in Romania suggests that Romanies can be persuaded to send their children to. school and that governments can help A first step is to end the discrimination that persists in. many countries such as Slovakia where 60 of children in special schools are Romani Hot. meals food vouchers subsidised shoes and uniforms and even making child welfare payments. conditional on attendance all help Such measures cost little money It s not cash that s needed. so much as ingenuity and willingness, About The Economist online About The Economist Media directory Staff books Career opportunities Contact us Subscribe Site feedback. Copyright The Economist Newspaper Limited 2010 All rights reserved Advertising info Legal disclaimer Accessibility Privacy policy Terms Conditions Help. Taming the banks, The public s urge for revenge may not have been sated but the new Basel rules. make sense,Sep 16th 2010, TWO years ago the collapse of Lehman Brothers heralded a frightening period for the world. economy As one bank after another toppled or came close to doing so regulators worried that. cashpoint machines would fail to operate and that companies would be unable to meet their. payrolls A second Great Depression seemed to beckon. Extraordinary efforts were made to bail out the banks including state guarantees partial. nationalisations near zero interest rates and massive fiscal deficits The public seethed at the. banks profligacy Surely finance would be reformed as it was in the 1930s when America. created a new regulator the Securities and Exchange Commission and separated casino like. investment banking from retail banking, Two years on the landscape of finance has altered somewhat Take hedge funds the crisis wiped. out around a quarter of their assets and forced many mediocre ones out of business Many. private clients left in disgust when they found that these self proclaimed superstars could lose. money the client base is increasingly dominated by institutions which should insist on more. transparency and better risk management In private equity the poor performance of the 2006. 07 vintage of deals is making it harder for firms to raise money one manager Candover is. giving up the ghost, But it is the banks that matter most and in banking it is remarkable how little has changed.
Many banks are still too big to fail and the casino side of their activities remains mixed up with. the mundane business of deposit taking Bankers are once more earning huge bonuses How. could this be, Breaking up the banks might have satisfied taxpayers desire for revenge but it is not clear what. problems it would have solved Anglo Irish Bank and Northern Rock collapsed not because they. were too big nor because they were playing the markets they were classic narrow banks. which failed in the traditional fashion borrowing short to lend long against property that turned. out to be overvalued The problems of the Spanish cajas show that a financial system with lots of. small banks is not necessarily safer, Still the crisis made it painfully clear that the world s banking system needed new international.


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