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The
basic error in the current regulatory
approach embodied in Dodd-Frank is that
it does very little to limit the creation
of fictitious liquidity or to redirect
the creation of that liquidity for financing
capital development of the system. A more
expeditious method of reform that could
replace Dodd-Frank would be to ask if
there were any reason why the fictitious-liquidity
structures that have grown up in the process
of deregulation are necessary for the
operation of the economy.
May
02, 2012.
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