Farmer doesn't believe Dodd-Frank is enough. New shadow banks will emerge and there will be another crisis.
Financial Stability and the Role of the Financial Policy Committee by Roger Farmer
If the unborn could trade in the markets, they would short stocks that are overvalued, and buy those that are undervalued. Markets can remain irrational longer than you or I can remain solvent. They can remain irrational for longer than George Soros can remain solvent. They cannot remain irrational for longer than the Treasury can remain solvent. The Bank of England, backed by the Treasury, has an advantage precisely because it has the power to tax and transfer not just from you and I, not just from our children and our grandchildren, but from our children’s children’s grandchildren.
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