I’m just curious. Is there anybody left in the newspaper business who knows how to (1) find news; (2) write stories about that news, and (3) get the news into the newspaper?

The financial turmoil of the past week should not be shocking to anybody who pays attention to the facts. If you waited to be spoon-fed your news by the Mandarins at No. 10 and 11 Downing Street, yes, you were shocked. If you went out and looked for the news, you weren’t.

The events of the past week were clearly foreshadowed long ago. This is a link to what I’m talking about:

http://www.imf.org/external/np/ms/2008/052308.htm

Officially, the title of this document is: “United Kingdom – 2008 Article IV Consultation – Concluding Statement of the Mission – May 23, 2008.”

If it hadn’t been written by the International Monetary Fund, the title would have been, “The Financial Catastrophes the United Kingdom Will Suffer in the Next Six Month and Why the British Government Won’t Lift a Finger to Prevent Them.”

The “guts” of the document are in paragraphs 21 through 26. Just read them.

And if you really want to be a “wild and crazy guy,” start putting some news in the newspaper.

Perhaps I should have been a little more specific. Yes, The Guardian did publish a story about the 23 May 2008 report to which I referred above. It is at this URL:

http://www.guardian.co.uk/busi.....unch/print

And in all fairness, again, The Guardian did publish a story on this topic on 24 May 2008. And The Guardian did flesh out the story with some new comment. It ran a couple of quotes from Andrew Sentance, a member of the Bank of England’s monetary policy committee. The comments were recycled from Mr. Sentence’s appearance on Warwick University’s student radio station.

These are some of the things in the IMF report that The Guardian didn’t feel were worthy of sharing with its readers:

Paragraph 21: ” . . .Reforms are also needed in the financial stability framework… In taking these matters forward, FOCUS IS REQUIRED on five KEY AREAS.”

Paragraph 22: ” . . . FIRST, IMPROVED DISCLOSURE BY FINANCIAL INSTITUTIONS . . . WILL ENCOURAGE MARKET DISCIPLINE . . .”

Paragraph 23: ” . . . the regime of remedial measures to be applied against weak institutions . . . could be further elaborated . . . Increasing clarity . . . would encourage early voluntary actions by weak financial institutions, for instance by REDUCING DIVIDENDS AND AUGMENTING CAPITAL.”

Paragraph 24: ” . . . we support the aim of EARLY INTERVENTION of distressed institutions . . . ”

Paragraph 25: ” . . . effective operation of the SSR (special resolution regime) requires that the relevant authorities are provided with access to sufficient resources to enable swift resolution of problem banks while maintaining depositor confidence in the banking system.”

AND NOW WE GET TO THE BIG ONE. IN THE OPINION OF THE INTERNATIONAL MONETARY FUND STAFF, THE UK FINANCIAL SERVICES AUTHORITY (FSA) LACKS BOTH THE COMPETENCE AND RESOURCES TO DO ITS JOB.

(Oh, yes. The IMF staff said it very politely. But if you can see lightning or hear thunder, you should be able get the message.)

Paragraph 26: “Finally, even with the steps outlined above, financial stability will REQUIRE STRENGTHENING THE CAPACITY OF ALL IMPLEMENTING INSTITUTIONS. Progress to recruit and FILL “SKILLS GAPS” INSIDE THE FSA, alongside development of STRONGER INTERNAL MANAGEMENT information systems and the associated internal triggers are welcome . . . INTENSIFIED COOPERATION AND INFORMATION EXCHANGE between the FSA and the Bank WILL BE IMPORTANT . . .”

[The IMF excerpts end here.]

I am a little puzzled about your discussion of “comment spam.” I just went back to your blog to see where I might have placed a self-promotional link. I can’t seem to find anything like that in my post that was date and time stamped by your blog server at: Sep 18 08 at 6:45pm.

The only way a reader of this particular post might find a link to me is by clicking on my name. You see, when one accepts your blog’s invitation to “speak,” a web form appears asking for a name, e-mail address and website. So, I filled in the blanks and posted my comment.

How did you come to describe this as “comment spam?”

Reg – I know what the paper said; the thing is all those factors were being discussed in the wake of Northern Rock, not because people knew what has happened this month was on its way. Markets price in that kind of knowledge, and it didn’t happen. They simply didn’t mean what you’re claiming, with hindsight, they did, so it’s unfair and wrong to claim we – or anyone else – missed their signals.

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