{"id":12531,"date":"2009-04-29T14:31:45","date_gmt":"2009-04-29T14:31:45","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/martin_wolf_fixing_bankrupt_systems_is_just_the_beginning\/"},"modified":"2009-04-29T14:31:45","modified_gmt":"2009-04-29T14:31:45","slug":"martin_wolf_fixing_bankrupt_systems_is_just_the_beginning","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=12531","title":{"rendered":"Martin Wolf: Fixing bankrupt systems is just the beginning"},"content":{"rendered":"<p>Can we afford to fix our financial systems? The answer is yes. We cannot afford not to fix them. The big question is rather how best to do so. But fixing the financial system, while essential, is not enough.<\/p>\n<p>The International Monetary Fund\u2019s latest Global Financial Stability Report provides a cogent and sobering analysis of the state of the financial system. The staff have raised their estimates of the writedowns to close to $4,400bn (\u00e2\u201a\u00ac3,368bn, \u00c2\u00a33,015bn). This is partly because the report includes estimates of writedowns on European and Japanese assets, at $1,193bn and $149bn, respectively, and on emerging markets assets held by banks in mature economies, at $340bn. It is also because writedowns on assets originating in the US have jumped to $2,712bn, from $1,405bn last October and a mere $945bn last April.<\/p>\n<p><a href=\"http:\/\/www.ft.com\/cms\/s\/0\/94f9640e-3436-11de-9eea-00144feabdc0.html?nclick_check=1\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Can we afford to fix our financial systems? The answer is yes. We cannot afford not to fix them. The big question is rather how best to do so. But fixing the financial system, while essential, is not enough. The<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=12531\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,40,149,119,583,585,596],"tags":[],"class_list":["post-12531","post","type-post","status-publish","format-standard","hentry","category-culture-watch","category-economics-politics","category-economy","category-globalization","category-the-2009-obama-administration-bank-bailout-plan","category-the-banking-systemsector","category-the-credit-freeze-crisis-of-fall-2008the-recession-of-2007"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/12531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12531"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/12531\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}