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governing for the rich November 19, 2012

Posted by Bradley in : governance , trackback

Naked Capitalism explains how banks are ensuring they won’t be subject to the Basel 3 tougher capital rules despite public pronouncements by the G20 that they would implement reforms to financial regulation. And the Financial Stability Board has only published peer reviews of implementation of transnational standards for 6 countries so far – the last reports were published in January 2012. These are the reports that are supposed to keep the G20 countries honest about implementation.

Part of the story that’s being sold is about how all of the new rules are going to make it harder for consumers to borrow money. But (too) easy credit was part of the problem.

Meanwhile, David Cameron (speaking to the CBI) says he wants to stop people going to court to challenge what the government is doing. The press has been reporting this aspect of the speech. Making it more expensive to initiate judicial review is part of the idea. Cameron says the point of this is “to make people think twice about time-wasting.” But it also means it will be harder for those with fewer resources to challenge government than for those with greater resources. The rich can do as much time-wasting as they like (provided they act quickly). Of course, speedy action is also easier for those with more resources.

But Cameron also wants to limit consultation:

Consultations, impact assessments, audits, reviews, stakeholder management, securing professional buy-in, complying with EU procurement rules, assessing sector feedback this is not how we became one of the most powerful, prosperous nations on earth.

I think becoming one of the most powerful and prosperous nations on earth had something to do with invading countries far away and exploiting the people who lived there.

It’s not an accident he gave this speech to the CBI, because the whole message is about promoting business. And we can be sure that banks and other large businesses will continue to have the access necessary to make their views known.


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