How come American citizens did not protest the Basel Accord’s 1988 in your face statism?
I refer to:
Attack of American Free Enterprise System
Date: August 23, 1971
To: Mr. Eugene B. Sydnor, Jr., Chairman, Education Committee, U.S. Chamber of Commerce
From: Lewis F. Powell, Jr.
It mentions "The Ideological War Against Western Society"
But I sure have a question for you all
In 1988, by means of the Basel Accord, Basel I, for the purpose of setting the risk weights applicable to the credit risk weighted capital requirements for banks, the regulators defined a zero percent risk weight for the OECD sovereigns (governments) and a 100 percent risk weight for the citizen (the private sector)
That meant that governments would have more favorable access to bank credit than the citizens; which de facto implied that government bureaucrats use bank credit more efficiently than citizens.
There were protests from other sovereigns who also wanted to be awarded a zero percent risk weight… but how come no American citizens protested this in your face statist regulation?
Is not the strength of a sovereign solely the reflection of the strength of its citizens?
That distortion subsidizes government debt; with the subsidy paid for all those in the private sector who as a consequence will, in relative terms, have less and more expensive access to bank credit?
Is this of no interest to America?
If so then America is not what I had learned to believe and admire.
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