The International Noose Tightens
How long, do you suppose, until history encounters its first global totalitarian regime?
U.S. Rep. Barney Frank said a bank tax and other tough new measures would be introduced by the individual countries but in a coordinated way to prevent bankers from moving from one place to another to escape regulation.
“Lenin might have been able to put socialism in one country, but tough bank regulation in one country ain’t going to happen because we will lose people,” said Frank, a Massachusetts Democrat who heads the U.S. House Financial Services Committee, a key spot for any American decisions.
Expect “coordination” to expand in the authority that it entails and in the issues that it covers. This really is the sort of thing against which the United States should stand, on the global scene. Sadly, our current regime is likely a driving force behind it.
That also implies the possibility that the rest of the world will allow us to go first so as to drive our businesses away and then curtail their own enthusiasm.