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Martin Wolf on the Need to Rein in Finance
naked capitalism — ... so tax it. I've long been a fan of Tobin taxes without being able to prove my pet suspicion, that too much ease of trading benefits intermediaries more than the principals, by encouraging more speculation than is needed to lubricate markets. Wolf provides another rationale. And he dismisses the notion that innovation is ever and always good (radiation tonics were innovative too, and killed people) and that determined regulators cannot restrain big financial players. From the Financial Times: The UK has a strategic nightmare: it has a strong comparative ...

Pink picks
FT Alphaville — ... David Marsh, chairman of London & Oxford Capital Markets, writes the ECB’s constitutional life is Byzantine in its complexity and It is time for the ECB to put its governance and public image on to a broader footing. Martin Wolf: Why Britain has to curb finance In the wake of the biggest financial crisis since the 1930s, the UK must ask itself a painful question: how should the country manage the cuckoo sitting in its nest? ...

On the not-unlimited investor appetite for government bonds
FT Alphaville — ... SYNDICATION IN SEPT, DETAILS TBA” According to Kemp, “the DMO’s decision to start selling debt via syndications and to offer very long-term issues in index-linked form is a sign the UK government is running into resistance from investors to its huge borrowing needs.” That reduction in investor appetite for government debt of which Deutsche’s Reid warned may well manifest sooner rather than later. Related links: Geithner pledges to cut deficit amid ratings concern - Bloomberg Why Britain has to curb finance -  Martin Wolf“ Excessive saving is just as much to blame ...

Getting rid of the Anglo Disease... tax finance, says Martin Wolf
European Tribune — In an incredibly harsh article published Friday, Martin Wolf, senior editor of the Financial Times, provides both the ultimate indictment of the financial industry , and a simple solution to tame it: tax it: The UK has a strategic nightmare: it has a strong comparative advantage in the world’s most irresponsible industry. how should the country manage the cuckoo sitting in its nest? The fiscal costs of this crisis will be comparable to those of a big war. UK, as a country, the City of London and the broader financial industry bear much responsibility for this calamity. Quite ...

links for 2009-06-03
J. Bradford DeLong's Grasping Reality with All Eight Tentacles — ... Paul Krugman on Gary Becker: Getting Fiscal Martin Wolf: Why Britain has to curb finance Robert Skidelsky: Anatomy of ...