Soros, right now in Jakarta, made a simple case for global financial regulation.
“The whole banking system has become globalized, but it has been operating on a false principle that the system can regulate itself,” he told reporters in Jakarta after meeting Vice President Boediono at the Vice President’s Palace.
“There is a globalization of market, but there is no globalization of regulation.”
“If banking regulations are well run, a bailout is not needed,”
Problem is, one has to wonder how globalization of regulation can be fair without infringing on the sovereignty of nations.
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