[Re: It’s time governments stopped bailing out bankrupt banks, yesterday]
Banks won’t stop behaving responsibly until they know that behaving irresponsibly results in unmitigated disaster for them. That means letting them fail and making sure directors and executives enjoy a level of liability for their actions. Failure would suddenly seem much less appealing if you knew you’d lose your house.
The Eurozone elite are understandably worried about disaster that will follow if banks collapse. It’s a pity they never noticed that the euro had no clothes from the outset. Just don’t expect any apologies.
[Re: Has the Arab Spring proven a success?, yesterday]
The Arab Spring is still evolving. But, certainly, some of the countries involved have thrown off the shackles of dictatorship and moved towards democratic governance. The full process will take time, with success and setbacks, but the path for these countries seems firmly rooted in a future in which governments are responsive to their citizens, and citizens can demand personal dignity and opportunity. To prove successful in providing these opportunities, governments must set their path towards economic growth, and ensure that this growth benefits the majority.
Sven Richter, head of frontier markets at Renaissance Asset Managers