I was travelling from London to Dubai to chair the Marcus Evans conference (Strategic Risk & Compliance 2013).
I had a headache when I read:
"If a medicine does not work as expected, it's not necessarily because the dosage was too low."
Wow. Is he talking to me?
He was not. He was not even a doctor.
He was Jaime Caruana, General Manager of the Bank for International Settlements, speaking about...
... "Hitting the limits of "outside the box" thinking? Monetary policy in the crisis and beyond."
Speeches like that are not usually good when you have a headache, but as I am a Basel iii addict, it worked handsomely for me.
Mr. Caruana continued:
"Prolonged monetary accommodation gives borrowers, financial institutions and policymakers an incentive to keep "kicking the can down the road", delaying necessary repair and reform."
If I see someone kicking a can down the road, I have to remember why he does it ...
... it is due to prolonged monetary accommodation.
I did not have a headache any more. I had even started understanding the non-financial world around me!
Mr. Caruana continued:
"The global bond market crash of 1994 is a cautionary tale of the risks involved in exiting from a prolonged period of low interest rates."
Unbelievable! This is the stress test I was looking for. A great scenario for a major investment bank I consult. Who is going to challenge that? Will supervisory authorities disagree? It is Mr. Caruana's own idea!
Read more at Number 1 below.
Time for a puzzle now ...
... which is your opinion about the URL that follows?
What is it about?
No, you did not find it! Don't lie to me!
Ok, you saw it is *.cn - China
Ok, you saw it is *gov.cn - Government of China
But what is the showWhist.do?
Whist is a classic English trick-taking card game which was played widely in the 18th and 19th centuries.
What? Websites belonging to the Chinese government explore English trick-taking card games?
According to Merriam-Webster, Whist is a card game for four players in two partnerships that is played with a pack of 52 cards and that scores one point for each trick in excess of six.
No, it is not about Whist.
It is about Whistleblowers!
A Chinese Sarbanes-Oxley (like) approach.
Welcome to the Top 10 list.
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