ACA Summit Salzburg Global Seminar. “New Rules for Global Finance” Nicholas W. Conger (WVWC) & Nora Myers (UCWV) October 15, 2011. Appalachian College Association (ACA) Mellon Foundation Fellowship. Salzburg Global Seminar. Austria. Austria. Austrian Alps – The Sound of Music.
“New Rules for Global Finance”
Nicholas W. Conger (WVWC) & Nora Myers (UCWV)
October 15, 2011
Review of the Carnage…
“The Worst Crisis Since 1929”
1€ CoinThe Euro - The Common Currency of 17 of the 27 member countries of the European Union
HQ: Frankfort, Germany -- President: Jean-Claude Trichet
Need for Coordinated Regulatory Framework Reforms
Euro Zone Problems are Country Concerns
“We are moving in the right direction”Salzburg Global Seminar
Center for American Progress (David Min)
The Brookings Institution (Douglas Elliott)
Over $3 Trillion…and still countingSalzburg Global Seminar
An Act: (1) to promote the financial stability of the United States by improving accountability and transparency in the financial system; (2) to end "too big to fail", (3) to protect the American taxpayer by ending bailouts, (4) to protect consumers from abusive financial services practices, and for other purposes.
*Senator Christopher Dodd (D-Conn) & Representative Barney Frank (D-Mass)U.S. Regulatory Reform
(Basel III Bank Capital Adequacy - 2019)
“Annual income: twenty pounds. Annual expenditure: 19 pounds, nineteen and six, result happiness.
Annual income: twenty pounds. Annual expenditure: twenty pounds, ought and six, result misery.”
Source: David Copperfield, by Charles Dickens (1850). Quote by Wilkins Micawber, modeled on Dickens father, John Dickens who was incarcerated in debtor’s prison after failing to meet his creditor’s demands.*Micawber Principle