on the face of it, very exciting developments. just my suspicion, but I think the politics associated with Basel 3 are quite profound.
Basel 3 is, I think, primarily concerned with stabilising (saving, if you like!) European banks, but as the BIS is the supreme central bank, it talks for the world industry.
I don't think the US Fed and banks are on board with Basel 3. They believe they can print their banks out of trouble anytime with funny money. The US is even flirting with MMT, and thinks it can export its inflation to the rest of the world. I have not seen any US banking or political comments in favour of Basel 3.
they still talk of their own regulatory system, or what is left of it.
With the UK now free of the EU, the LBMA, Bank of England and British govt can thumb their noses at Basel 3, and in particular, the NSFR rules. they are not enforceable by the BIS. (I found a reference in one of the BIS papers to that effect.)
Britain needs a big friend, especially now, and has long acted as an appendage of the US system. IMO There is a risk that they will break with Basel 3 to keep the LBMA/COMEX paper gold and silver derivatives game going.
Continued gold and silver price suppression would no doubt be welcomed by Wall St. and Washington.
However, casting off Europe and the rest of the banking world would probably cause a major political and financial rift between the Anglo Saxon world and Europe, which would be driven even closer to the other gold loving countries, i.e. China, Russia, and the rest of the Eastern World.
So while they might desperately want to keep the status quo, its probably not a step they would be brave enough to take.
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