Tuesday, July 12, 2005

Datadump at ESCB: P&S news 22

Issue No 22 of Payments and Settlements News is a major linkdump which covers (1) payment and settlement systems oversight issues; and (2) financial stability issues; and which provides (3) links to payment statistics.

To balance all the central banking oriented stuff (claiming that oversight is required for financial stability... bla bla bla) I'd like to point the readers to these remarks made at the St. Louis Banking Conference by Professor George Kaufman:
I also come from the perspective that "systemic risk" in banking is not a threat and has not been a great danger in world history. It is a scare term, much like the use of the word "fire" in a crowded theater. Systemic risk is used shamelessly by regulators to justify their own actions, and by novelists and movie script writers to provide plots for horror stories. This is my bottom line, and if I had two hours I could go on and give you all the evidence.