Central Banking

Basel bunkum

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No one understands the new Basel accord. Grown men are reduced to tears when they try. There are simply too many details for any one person to digest. But it is troubling indeed to learn that people don't even seem to understand how it was arrived at in the first place.

Top US regulator Jerry Hawke, who is Comptroller of the Currency, recently gasped: "I have been sitting on the Basel Committee for four years, and I still do not understand how decisions are made." One assumes he is an

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