(Before It's News)
Nonsense! The political establishment fell prey to an idiotic regulatory technocracy they did not dare to question.
Some of the Basel Committee for Banking Supervision’s risk weights used to determine the capital requirements for banks are: The Sovereign 0%; We the People 100%; AAA to AA rated 20%, below BB- 150%.
That has absolutely nothing to do with unfettered capitalism all to do with unchecked and dumb statist intervention.
The liberal order went out the kitchen door of the Basel Accord, in 1988, before in 1989 the Berlin wall felt and the “Washington Consensus” saw light.