The former UK leader’s recent call for voters to rethink leaving the EU is an Emperor’s New Clothes moment. Blair is now an unpopular figure, but his voice is loud enough to carry above the crowd of flatterers assuring Prime Minister Theresa May that her naked gamble with Britain’s future is clad in democratic finery.
LONDON – Former British Prime Minister Tony Blair’s recent call for voters to think again about leaving the European Union, echoed in parliamentary debates ahead of the government’s official launch of the process in March, is an Emperor’s New Clothes moment. Although Blair is now an unpopular figure, his voice, like that of the child in Hans Christian Andersen’s story, is loud enough to carry above the cabal of flatterers assuring Prime Minister Theresa May that her naked gamble with Britain’s future is clad in democratic finery.
The importance of Blair’s speech can be gauged by the hysterical over-reaction to his suggestion of reopening the Brexit debate, even from supposedly objective media: “It will be seen by some as a call to arms – Tony Blair’s Brexit insurrection,” according to the BBC.
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If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.
thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
Although Silicon Valley Bank was not deemed to be systemically important, its insolvency forced the US Federal Reserve to head off systemic contagion and exposed the inadequacy of the FDIC’s partial deposit insurance regime. The financial-stability framework adopted after the 2008 crisis obviously needs another overhaul.
considers what the bank’s failure should mean for the current financial-stability framework.
LONDON – Former British Prime Minister Tony Blair’s recent call for voters to think again about leaving the European Union, echoed in parliamentary debates ahead of the government’s official launch of the process in March, is an Emperor’s New Clothes moment. Although Blair is now an unpopular figure, his voice, like that of the child in Hans Christian Andersen’s story, is loud enough to carry above the cabal of flatterers assuring Prime Minister Theresa May that her naked gamble with Britain’s future is clad in democratic finery.
The importance of Blair’s speech can be gauged by the hysterical over-reaction to his suggestion of reopening the Brexit debate, even from supposedly objective media: “It will be seen by some as a call to arms – Tony Blair’s Brexit insurrection,” according to the BBC.
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