This matters as the plan calls for big structural changes, including thorough reform of the financial system.
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Goolsbee, along with dogmatic reactionaries such as Paul Krugman, studiously ignore the implications of the utterly damning critique of the fiduciary currency system by The Bank of England last December in its paper titled Reform of the International Financial System.
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So far, the clearest expression of a coherent BRIC agenda for reform of the international financial system and more domestic stimulus programmes came on the eve of a G20 meeting in 2008.
Stiglitz was chair of the Commission on the Measurement of Economic Performance and Social Progress in 2008 and last year was appointed to the United Nations General Assembly as chair of the Commission of Experts on Reform of the International Financial and Monetary System.
Meanwhile, leaders from the G20 countries headed to Washington for an economic summit, dubbed Bretton Woods 2 , on November 15th that will discuss reform of the world's financial system.
Take the money out of his hands, reform a corrupt financial system and you could reduce the violence.
And though the rising tide of China's economy undoubtedly has the power to lift all boats, there are worrying rigidities in the system, caused by the under-development of its financial system and the fact that economic reform has not been accompanied by political reform.
Righting them will require wholesale reform both of financial regulation and of the entire global monetary system.
ECONOMIST: The financial crisis and the future of regulation
The Senate passed a financial regulatory bill Thursday evening that would be the most sweeping reform of the banking system since the 1930s.
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Unfortunately the whole point of financial regulatory reform was to improve access to credit for the middle class and to fix the banking system so the economy can rebound.
What the President is focused on as part of financial reform is a set and a series of rules of the road going forward that provide the stability in our financial system that we lacked only a few years ago.
They've lost their job because we had a risky financial system of which the President wants financial regulatory reform to lay down rules of the road so it never happens again.
President Obama came to power amid promises of sweeping reform in energy, healthcare, and financial markets, modeled in many ways after the European social democratic system.
Under the auspices of the Financial Stability Board, more than 30 recommendations have been set out as part of a massive and far-reaching G-20 financial regulatory reform package to ostensibly minimize risk in the financial system and maximize consumer protection.
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Look, I think in many ways as these are complicated -- as the financial system is -- has a series of very complicated instruments, in many ways reform is simple in the premise of having it brought out of the dark and into the light, having the measure of transparency and regulation is a fairly simple concept in moving important reforms forward.
In addition to a system of unrestricted convertibility between the dollar and gold, Lehrman also outlines banking reform which would insist that financial institutions reestablish their role as fiduciaries through improved liquidity standards using fair market valuation and quarterly stress tests.
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