Grit is Good

PARIS – The United States is widely recognized as possessing the deepest, most liquid, and most efficient capital markets in the world. America’s financial system supports efficient capital allocation, economic development, and job creation.

These and similar phrases have been common currency among American legislators, regulators, and financial firms for decades. Even in the wake of the financial crisis that erupted in 2008, they trip off the word processors of a hundred submissions challenging the so-called Volcker rule (which would bar banks from making proprietary investments). The casual reader nods and moves along.