statism watch

Flashback: Bernanke continues pressing for sweeping new powers for Fed | Federal Reserve Appeals Order to Disclose Emergency Bank Loans | Geithner lambastes US economic watchdogs resistant to planned transfer of powers to Federal Reserve | Former NY governor Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’ | Hands off the Fed, Bernanke warns Congress | US Senate Blocks Bill To Audit The Fed As Government Prepares For Second Round Of Looting | Congressman Ron Paul Slams Federal Reserve’s New Dictatorial Powers | Federal Reserve To Be Given Sweeping New Powers | HR 1207: Battle To Audit The Fed Has Only Just Begun | Geithner Said to Have Prevailed on the Bailout | Banks won’t say where U.S. bailout money going | Paulson, Bernanke defend change of plan: $700-billion now to be given directly to banks | Congress Accuses Federal Reserve Bagman Of Bailout “Bait and Switch” During Angry Hearing | U.S. government won’t use bailout fund to buy troubled assets | The Bush gang’s parting gift: a final, frantic looting of public wealth | Why Paulson’s Plan is a Fraud | Congressman Ron Paul: Bailout Will Destroy Dollar, World Economy | Congressman Ron Paul Schools Fed Chairman Bernanke on the Bailout Plan | Private Federal Reserve Makes Power Grab as Bush, McCain Urge Congress to Approve Plan | Treasury’s Plan Would Give Fed Wide New Power | Financial ’super cop’ role for Fed

Terence Corcoran, National Post
October 26, 2009

Central bankers have never seen a crisis they didn’t themselves create

Bank of Canada Governor Mark Carney, joining central bankers everywhere with new details of their jargon-filled plans to flood the world with more jargon, declared yesterday in Montreal that “we are awash in moral hazard. If left unchecked, this will distort private behavior and inflate public costs.” True enough, but can you guess where the moral hazard came from — and who’s doing the most to let it run unchecked?

The fact is we’re awash in central bankers. From Mark Carney to the U.S. Fed’s Ben Bernanke and the Bank of England’s Mervyn King, central bankers are building up a massive regulatory regime of bank controls, new capital requirements, compensation rules, living wills, and too-big-to-fail structures. If we’re already awash in moral hazard, why are they creating more of it?

Moral hazard is an old bit of insurance jargon that describes how people misbehave when they think they are covered against risk. Would you park your Mercedes in this dark Baghdadian strip mall crawling with drug dealers? Don’t worry, it’s insured. In the financial world, the classic moral hazard is deposit insurance on the first $100,000 of deposits. What if the bank should fail? Don’t worry, it’s insured. Beyond deposit insurance, the financial system is riddled with the phenomenon, with new moral hazards being created daily.

Most of the hazard creation these days is coming from central bankers. The high-profile sham of bringing bankers’ compensation under control is the tip of the regulatory iceberg central bankers are guiding into place. In Montreal yesterday, Mr. Carney renewed his calls for bankers to peg their bonuses to long-term performance. This followed Ben Bernanke, head of the U.S. Federal Reserve, who last week announced guidelines that would require banking organizations to review their compensation practices “to ensure they do not encourage excessive risk-taking.”

Since there is no evidence that compensation plans actually encouraged too much risk taking in the past, government attempts to control compensation create a double hazard. First, the controls mess with the banking industry’s operations, thus disturbing healthy bank management practices. Second, the controls create a false sense of security in the public. Is your bank safe? Don’t worry, the CEOs bonuses and everybody else’s compensation is regulated to avoid too much risk, so it must be safe.

The central bankers opened their moral hazard floodgates last year when they cut interest rates to zero and dumped cheap money into the world system, buying up assets and generally reassuring everyone that taxpayers and inflation can be used to paper over bad debts, faulty risk models and flawed monetary policy. Having created the hazard, via cheap money and loose policy, Mr. Carney is now trying to reign it in. Last week he warned that he expected “prudence” from mortgage lenders and from average Canadians who are rushing to capitalize on record law mortgage rates by buying new homes. Typical of central bankers — who’ve never seen a crisis they themselves had created — Mr. Carney warned that bankers and home buyers would be to blame if the bubble created by cheap money were to burst.

Dodging their own responsibility for financial system meltdowns is a central banker speciality. In the name of purging the global financial system of systemic risk, central bankers are going to bury the banks in jargon and regulation. Mr. Carney is especially adept at delivering spell-binding reels of regulator speak, as per yesterday’s Montreal comments in praise of “clearing houses for CDS and Basel II treatment of basis risk or new liquidity requirements and the development of continuously open funding markets to aid in liquidity options.”

So is Mr. Bernanke, who last week listed the new moral hazard he would be loading into the financial markets. “For our part, the Federal Reserve is participating in a range of joint efforts to ensure that large, systemically critical financial institutions hold more and higher-quality capital, improve their risk-management practices, have more robust liquidity management, employ compensation structures that provide appropriate performance and risk-taking incentives, and deal fairly with consumers. On the supervisory front…we are augmenting our traditional microprudential, or firm-specific, methods of oversight with a more macroprudential, or system-wide, approach that should help us better anticipate and mitigate broader threats to financial stability.” Risk? What risk?

In London, the Bank of England’s Mervyn King said all this regulation wouldn’t be enough to curb the “sheer creative imagination of the financial sector to think up new ways of taking risk.” The only option, he said, may be to split up large financial institutions into smaller ones. Another plan, apparently favoured by Mr. Carney, is to adopt a G20 scheme to force large banks to adopt “living wills” in which banks explain to everybody how they will unwind themselves if they should fail.

The overall objective, said Mr. Carney, is first to “protect the banks from the economic cycle” and second to “protect the cycle from the banks.” To do that, Mr. Carney aims to bring the financial system “down from its self-appointed role as the apex of economic activity to once again be the servant of the real economy.” He said it again, calling for a more resilient financial system “that serves the real economy” — as if banking were not part of the real economy.

The way central bankers are going, that could soon be truer than Mr. Carney intends.

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