Read the article for the details on how transparently obvious these lame, “look over here…” attempts are to hoodwink the global public into thinking they’re doing something.

Three discrete events over the past couple of weeks have confirmed the worst suspicions of non-Keynesians that governments remain not just beholden to banks around the world but positively scared of them.

Exhibit A is the cartoonish European bank “stress” tests, Exhibit B is the US government’s alleged attempt at financial system overhaul through the Dodd-Frank bill and Exhibit C is the hilarious Basel-III regime unveiled this week
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The sum total of all of the machinations over the past few weeks is that regulators have expressed a clear desire not to control the future risk-taking of banks, have not expressed concerns over the current composition of balance sheets, and furthermore refused to set a longer-term plan in motion for capital accretion.

Taken together, these missteps guarantee the recurrence of financial crises in future, with each episode likely to be worse than the previous one.