Asian, other G20 members fail to institute laws against ‘too big to fail’
http://atimes.com/2016/03/asian-other-g20-members-fail-to-institute-laws-against-too-big-to-fail/
Asian, other G20 members fail to institute laws against too big to fail
By Asia Unhedged on March 18, 2016
Asian members of the Group of 20 major economies have not introduced laws to prevent another too big to fail financial crisis, the worlds top financial watchdog warned on Friday.
The Financial Stability Board (FSB) on Friday published its Second Thematic Review on Resolution Regimes. The report is part of series that show how countries are implementing the Key Attributes of Effective Resolution Regions for Financial Institutions. In short, the Key Attributes show how G20 countries are supposed to implemented rules to avoid a repeat the government bailouts of lenders that happened in the wake of the 2008 fiscal crisis.
The FSB, which can name and shame those which do not yet comply with its rules, said member countries that do not yet have these laws include China, Chinese territory Hong Kong, India, Indonesia, and Korea. But Asian members are not alone. Other countries that have not complied include Argentina, Australia, Brazil, Canada, Mexico, Russia and Saudi Arabia.
Membership in the G20 includes a commitment to implement the rules it has agreed to. And the FSB has the responsibility to make sure they follow the rules.
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If the U S of A cannot fix too big to fail, why should we expect others to fix it?
Perhaps Richard Wolfe was correct about capitalism.