24-06-2013, 09:47 AM
Blimey, cripes and streuth.
Really? The BIS actually said that the banks have done their bit and now it's for government to do theirs?
Let me fix that story:
There, that's better.
I wonder if this is a domestic "surge" story following tacit agreements reached at the recent Bilderberg and G8 meetings?
Really? The BIS actually said that the banks have done their bit and now it's for government to do theirs?
Quote:The Bank for International Settlements (BIS) says banks have done their bit to help economic recovery and now governments must do more.
Let me fix that story:
Quote:The Bankers Club said the world's banks were to blame for the greatest bank robbery in the history of mankind, but since they've been rescued by taxpayers across the planet, it is now time for taxpayers to make them rich again.
There, that's better.
Quote:24 June 2013 Last updated at 07:28Share this page
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BIS: Central banks must end 'whatever it takes' policy
Time to cut back the support, says the BIS
Continue reading the main storyGlobal Economy
The Bank for International Settlements (BIS) says banks have done their bit to help economic recovery and now governments must do more.
The Basel-based organisation - usually dubbed the "central banks' central bank" - believes it is time to end the "whatever it takes" approach.
It says it wants to see a return to "strong and sustainable growth".
Last week the US central bank said it planned to stop its asset purchase programme, sparking market volatility.
In its annual report, the BIS said the world's central banks had done what they could to offset the worst effects of the six-year long global credit crisis.
Continue reading the main story"Start Quote
Although six years have passed since the eruption of the global financial crisis, robust, self-sustaining growth still eludes the global economy"BIS
As the credit crunch hit, central banks tried a number of tactics to try to keep the money flowing, initially cutting interest rates and later adding in quantitative easing, buying in assets and releasing vast sums into the banking system.
But now that the world was "past the height of the crisis", it was time for such interventionist policies to change.
'Forceful'Governments should oil the economic wheels by reforming labour markets and undertaking a "forceful programme" of "repair and reform" as the only way to bring about a lasting economic revival, the BIS said.
"Although six years have passed since the eruption of the global financial crisis, robust, self-sustaining growth still eludes the global economy", the report said.
"During this time, central banks in advanced economies have been forced to look for ways to increase their degree of accommodation. But central banks cannot solve the structural problems that are preventing a return to strong and sustainable growth."
CheapThe BIS said central bank action had borrowed "time for others to act, allowing them to repair balance sheets, to consolidate fiscal balances, and to enact reforms to restore productivity growth".
But Stephen Cecchetti, the head of the BIS monetary and economic department, said this had made it easy for the private sector to put off reforms and for governments to finance deficits more cheaply thanks to the low interest rates their actions had introduced.
Mr Cecchetti said central banks must return their focus to maintaining financial stability and encouraging reforms, rather than "retarding them with near-zero interest rates and purchases of ever larger quantities of government securities".
The BIS was founded in 1930 and is the world's oldest international financial institution.
Its 60-strong membership includes the Bank of England, the European Central Bank, the US Federal Reserve, the People's Bank of China and the Bank of Japan.
I wonder if this is a domestic "surge" story following tacit agreements reached at the recent Bilderberg and G8 meetings?
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
