The crisis in Cyprus has supposedly been resolved and the resolution eventually
decided upon is being implemented. There is therefore a powerful temptation to
say that whatever the fuss was about, it’s behind us now and we can forget about
it and get back to normal. That is an understandable sentiment,true religion outlet, but one that is
woefully wrong in every respect, from its assumptions to its
conclusions.Take, for example, that last point – “let’s get back to
normal.” It is not merely a distortion, it is actually a total inversion of the
truth,Gucci Bags. “Normal,” since 2007 globally and since 2009 in Europe, is a state of
crisis. The causes of the European and global crises (which overlap, but are by
no means identical) have never been properly addressed by policy-makers,landing on his face and chest., ergo
they have never been resolved,including paying actors and film set managers.The European crisis, in particular, must
be seen for the chronic illness that it is, with the only variables relating to
it being the degree of intensity that it displays at any given time, and its
geographic/national focus. The “treatment” that has been given to this chronic
crisis has been, for the most part, symptomatic and aimed at providing immediate
relief, not lasting recovery.Worse, when a genuine form of treatment has
been agreed upon, it has usually not been implemented – and even when it is
started, it is discontinued or diluted to the point of ineffectiveness. The
result is that things are thereby made worse than would have been, even in the
absence of any treatment.Cyprus offers examples of all of these
phenomena, but perhaps the most dramatic relates to the critical issue of
rescuing failed banks. If, as has been the case almost everywhere, bankrupt
banks are “bailed out” by the state using taxpayers money, whilst the
“stakeholders” in the bank are allowed to walk away without punishment, the
result is increased “moral hazard.” That means, in simple terms, that the
management of banks everywhere are encouraged to take greater risks than they
normally would with the money – other people’s money – under their control. If
they are successful, the profits will accrue disproportionately to them – but if
they are spectacularly unsuccessful, they will lose little or
nothing,true religion outlet.Who are the stakeholders? They include the shareholders who
invested in the bank’s equity, the bondholders – junior and senior – who lent to
it via bond issues and the depositors who lent it money in return for
safe-keeping and interest. The accepted approach to saving banks, in textbooks
at least, was that the bank’s losses should be borne, at least in part, by these
stakeholders – and in the order noted. Equity investors should be first in line,
for losses as for profits and, if the loss is so great that wiping them out
completely is insufficient, then junior and then senior bondholders must bear
the brunt. Only then – meaning in very extreme cases – should depositors be
tapped. Even then, small depositors – by definition, comprising mostly
households – should be protected by the state-provided guarantees that exist in
most developed countries (for sums of up to 100,000 euros in EU
countries).That approach has been thrown overboard almost everywhere
since 2007,burberry-back.com. Banks in the US, UK, Ireland, Greece, Portugal, Spain, Holland,
Belgium and many other countries have been saved by the state, using taxpayers’
money. In most cases,christianlouboutin-back, shareholders have suffered losses, but in few have they
been wiped out (i.e. the bank has been totally nationalized). Bondholders
have generally been left whole.The idea that depositors would be
“impaired” (the new buzz-word for not getting back all the money they deposited)
was considered unthinkable – until Friday night two weeks ago, when the initial
proposed framework for saving Cyprus was announced. That proposal included
“impairing” even state-guaranteed deposits, but it was rejected by the Cypriot
parliament – although the mere proposal itself marks a major milestone in
banking history, and in the ongoing collapse of the euro, the EU and the global
financial system as it has developed for the last century.A tremendous
debate is raging across the world with regard to the belated revival of the
basic concept of moral hazard – as it relates to investors in bank equity and in
bank bonds (a very common investment and a supposedly very safe one), and above
all, as it includes depositors in bank accounts. Is it right and desirable,if his team is one run behind,Chanel Bags? Is
it insane, to the point of being financially suicidal, because it will trigger
runs by bank depositors ,longchamp pas cher? You might have an opinion – indeed, if you are
intelligent person, or even merely a depositor in a bank, or a taxpayer in any
developed country – you should have one.But be aware of one thing above
all. Whatever your opinion, you should separate it firmly from the cold
recognition of the fact that the world is a different, and for most people, far
more dangerous place than it was two weeks ago. Your money, which you supposed
to be “as safe as money in the bank,” is no longer safe, let alone guaranteed.
How unsafe it is varies by country and by bank but,air jordan, for the first time in
several generations, the starting point is now reversed: all banks and all bank
deposits carry risk, with some more at risk than
others.landau@netvision.net.il

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