Word: systemic
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...Picture this: a Federalist fortress in the Financial District of Manhattan, whose members represented 52 national and state banks, as well as the U.S. Treasury itself. Not the Federal Reserve Bank of New York, not the Federal Reserve System, not any central bank—this node of finance was the New York Clearinghouse. Established in 1853, the Clearinghouse pooled reserves so that member banks could clear debits and credits daily. It also functioned as a private central bank, which took care of its own in the many banking panics of the late 19th century—especially...
...achieved,” he said in an interview. “From there, it was easy to accept the philosophy that we didn’t need regulation. But the truth is that regulation was needed, and we should have thought hard about how to update our regulatory system as the financial markets evolved.” To address these concerns, Moss’ report proposes that a government agency should identify systematic risks, regulate them, and insure them against failure. The Congressional Oversight Panel added this proposal to their report. The panel includes three Harvard affiliates: the chairwoman...
Government officials argue that by imposing Shari'a law, Islamabad is merely bowing to what is a popular local demand. The Swat Valley was traditionally a princely state that operated its own tribal system of governance until its merger with Pakistan in 1969. One of the factors that appears to have contributed to Fazlullah's ascent was his call for a return to a Shari'a-based system that offers swift justice and, therefore, relief from what many allege is Pakistan's venal police and court system. By stealing a march on Fazlullah, the government believes that...
Equally murky are the details of how the new legal system will operate. Other countries provide little guidance in the co-existence of Shari'a and civil law. Iran and Saudi Arabia operate under religious law; Shari'a is applied in limited range among the Muslim populations in India and the Philippines. Previous laws in Pakistan that were never enforced allowed Muslim clerics to advise judges on cases...
...rule of law and women's rights. "We condemn it," says Iqbal Haider, co-chairman of the Pakistan Human Rights Commission and a former law minister. "It is an illegal, unconstitutional and discriminatory act to further promote religious fanaticism in Pakistan. The constitution does not allow a parallel legal system. And there is no guarantee of peace - the militants are not party...