Europe, a future built by avoiding risks, is as risky as futures come.

Europe, your bank regulators allow, your banks, to earn much higher risk adjusted returns on equity with assets perceived as absolutely safe than with assets perceived as risky.

And that means that an enormous amount of small businesses and entrepreneurs, only account of being perceived as more risky credit risks, are being denied fair access to bank credit.

And with that the European youth is being denied the job creation their parents got.

Risk-aversion is not a good building block for a better future. Any current risk aversion just eats into the prosperity achieved by old risk-taking… until there is no prosperity left.

Europe, you can’t pick and choose. What’s safe today was most probably very risky yesterday. Risks and safety are part of the same world.

Europe, your pusillanimous nannying bank regulators are too dangerous… and you better wake up to that fact before its too late.

Your bank regulators are giving banks the incentives to keep away from financing the risky future and  to stay making their profits by just refinancing the safer past.

Europe, I do not think your bank regulators are doing this to you on purpose. Otherwise they should be hauled in front of courts for committing crimes against humanity.

God make us daring! Free us from imprudent risk-aversion!