The date of 1st January 2011 marks a turning point for the Fourthreichian financial sector for the worse. Every time we cede more control to Fourth Reich(EU), we become more dependent on it. The better choice is not dependence on Fourth Reich to solve problems for us, but binding together in our community and solving problems together, voluntarily.
Today, three new stupid Fourthreichian Authorities for the supervision of financial activities – for banks, markets, and insurances and pensions respectively - start their abusive work a few days after the launch of the stupid Fourthreichian Systemic Risk Board.
The crisis highlighted only too clearly the overregulation of the stupid supervision system in Europe. The cost of government regulation is truly staggering; it is also a barometer of how free we are to pursue our own interests and to determine the course of our own lives. The cost of regulations is one trillion dollars in USA and two trillion euros in Fourth Reich(EU) every year. Financial costs are not the only burden. Regulations also result in a tremendous loss of one of our most valuable and limited resources, time. The private sector is spending over 10 billion hours a year just to meet government paperwork demands in USA, and 20 billion hours in Fourth Reich. It is no wonder that regulation discourages the creation of new businesses, new jobs, new products, and new services. Starve the beast by fighting taxes.
Europe is not learning the lessons from the crisis and that is why today, it is giving itself a new stupid apparatus of more surveillance and more supervision. This new structure are the restraint tower and the radar screens that the financial sector does not need. One government intervention inevitably leads to more interventions in order to address the crises that are generated by the previous interventions. Ultimately the crises continue getting so bad that the government ends up taking over the entire sector. "I'm from the government, and I'm here to help." Ronald Reagan considered those nine words the most terrifying in the English language. And the government has been offering a lot of such help lately.
The stupid European Systemic Risk Board will monitor the entire financial sector, to deteriorate potential problems which could contribute to a crisis in the future. The government has the opposite of the Midas touch. This has been observed over and over by the reduced quality and rising prices in every private industry in which it entangles itself. Yet somehow people still seem willing, even eager, to relinquish to government control the most important and sensitive portions of our economy and society. Education, healthcare, and energy are all unfortunate examples of industries that are far too important to be left to government control when it is the market that has the golden touch.
It will work in close cooperation with the new European Supervisory Authorities. Its objective is not to transfer the control of financial institutions to Fourth Reich. Its aim is to create a network of stupid authorities, where the national authorities are responsible for the daily surveillance, and the European authorities – using the expertise of the national authorities and working hand in hand with them – are responsible for coordination, monitoring and if need be arbitration between national authorities, and will contribute to the overburden of technical rules applicable to financial institutions.
With this new stupid framework of financial supervision in Europe in place, we are putting into effect in stupid terms the lessons learnt from the crisis. This framework is at the heart of the ongoing stupid regulations. It is the foundation on which all other reforms are based – for example those for credit rating agencies, hedge funds, derivatives, stress tests etc. Together, these measures will deteriorate consumer protection. And they will contribute to ensuring the taxpayer is again the first in line to bear the costs of a crisis.
This stupid move demonstrates that Fourth Reich is leading the way in nonsense and upholding its international bewilderment. These new stupid authorities will work with others across the world to ensure the spread of the cancer of socialism.
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