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It's the little things that count.
| Content Provider | Semantic Scholar |
|---|---|
| Author | DeWitt, Chris |
| Copyright Year | 1981 |
| Abstract | It was one year ago this week, March 11, 1993 to be precise, that Lyndon LaRouche put forward his proposal to impose a transaction tax of 0.1 % on the so-called notional value of all financial dealings involving derivatives. The purpose of LaRouche's tax, as was conveyed with some force in the pages of this magazine, and in face-to-face discussions with relevant authorities over the intervening weeks and months, was twofold: to reimpose order on wildly deregulated finan cial markets, and to permit an eventual reorganization of credit flows, so that a real economic recovery might also be set into motion. The response, especially of those in a position to do something about it, was, usually, "Well, it won't happen until after disaster hits." To which the rejoinder inevitably was, "By then it will be too late." Now, it seems, the awaited disaster is upon us, occa sioned by jazz clarinetist Alan Greenspan's early February flutings of his possible need to take action to head off emerg ing signs of potential resurgent inflation by increasing interest rates. Soon enough, perhaps, Greenspan will be wishing he had taken up a career as a professional clarinetist, and not the seat he did at the Federal Reserve, from where his ill-tuned notes would transform mere discord into such cacophony. On Oct. 28, 1993, editors of EIR submitted written testi mony to Rep. Henry Gonzalez's (D-Tex.) Banking Commit tee investigations into the risks posed by derivative transac tions. On that occasion we asserted: "It is not the risks and dangers which you know to be risks and dangers which prove fatal. They, after all, can be avoided. It is the risks and dangers which you do not know. How can institutions hedge against risk they do not take into account, and cannot take into account, because they do not admit it exists?" What they refused to understand, we continued, was that an accountant's booking of returns in the form of financial |
| Starting Page | 76 |
| Ending Page | 82 |
| Page Count | 7 |
| File Format | PDF HTM / HTML |
| PubMed reference number | 7228011 |
| Journal | Medline |
| Volume Number | 55 |
| Issue Number | 12 |
| Alternate Webpage(s) | http://www.larouchepub.com/eiw/public/1994/eirv21n11-19940311/eirv21n11-19940311_004-its_the_little_things_that_count.pdf |
| Journal | Hospitals |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
