The Great Debate

Credit control will be much more intrusive in future

January 26, 2009

John Kemp Great Debate— John Kemp is a Reuters columnist. The views expressed are his own —

The international system of bank regulation, epitomised by the Basle II process and the light-touch principles-based regulation of Britain’s Financial Services Authority (FSA) has comprehensively failed.

A new direction in global financial regulation

January 26, 2009

John Kemp Great Debate— John Kemp is a Reuters columnist.  The views expressed are his own —

UK Prime Minister Gordon Brown’s call today for a new G20 charter of principles on financial regulation  reflects an emerging consensus among policymakers that, once the immediate crisis has passed, the regulatory framework must be fundamentally redesigned.

Do we need a credit policy?

January 22, 2009

John Kemp Great Debate— John Kemp is a Reuters columnist.  The views expressed are his own —

The last eighteen months have witnessed a revolution in financial regulation — if by that we mean a fundamental reconstruction, total change or turn round from the previous orthodoxy occurring in a relatively compressed time.

U.S. and UK on brink of debt disaster

January 20, 2009

John Kemp Great Debate– John Kemp is a Reuters columnist. The opinions expressed are his own. —

The United States and the United Kingdom stand on the brink of the largest debt crisis in history.

Global imbalances and the Triffin dilemma

January 13, 2009

John Kemp Great Debate— John Kemp is a Reuters columnist. The opinions expressed are his own —

For the world monetary system, the financial crisis which erupted in the summer of 2007 is a cataclysmic shift that will prove every bit as significant as the outbreak of the First World War (which heralded sterling’s demise as a reserve currency) and the suspension of gold convertibility in 1971 (which marked the end of bullion’s monetary role).

Downturn hits China’s manufacturing heartland

January 12, 2009

John Kemp Great Debate— John Kemp is a Reuters columnist. The views expressed are his own —

The global slowdown is hitting China’s modern manufacturing base in Guangdong province especially hard. Deputy governor Huang Longyun on Thursday warned a news conference “the situation is grim” and the manufacturing hub around Pearl River Delta is bearing the brunt of China’s slowdown.

Protectionism risks rise in 2009-2010

January 8, 2009

John Kemp Great Debate— John Kemp is a Reuters columnist. The opinions expressed are his own —

Commentators are focused on the risk countries will respond to the worldwide slump in demand by resorting to protectionist measures (either competitive devaluations, tariff rises or other trade barriers) in a mutually self-defeating attempt to reserve what remains of shrinking demand for domestic industries — leading to trade wars, a reversal in the trend towards global integration and a fall in living standards.

Obama’s radical environmental strategy

January 6, 2009

John Kemp Great Debate— John Kemp is a Reuters columnist. The opinions expressed are his own —

Most successful elected leaders must disappoint their most ardent supporters at some point, as the bright hopes of an election campaign give way to the complex realities and constraints of governing, and need to occupy and retain the political center-ground to win re-election.

NYMEX oil benchmark again in question

December 23, 2008

John Kemp Great Debate— John Kemp is a Reuters columnist.  The views expressed are his own —

The record differential between the front-month and more liquid second-month contracts at expiry last week once again raised pointed questions about whether the NYMEX light sweet contract is serving as a good benchmark for the global oil market, or sending misleading signals about the state of supply and demand.

Fed unleashes greatest bubble of all

December 17, 2008

John Kemp Great Debate— John Kemp is a Reuters columnist. The views expressed are his own —

Like the sorcerer’s apprentice, Federal Reserve Chairman Ben Bernanke and his predecessor Alan Greenspan have unleashed a series of ever-larger asset bubbles they cannot control.