From a productivity perspective, prioritization is key. And it's very easy to focus on clearing the decks of minutia, especially when one's very busy.
As far as I understand, the Second Coming is already here. It's a consciousness. It is not someone who is going to arrive and land in a clearing in the forest. The Hell that they talk of is going to be people creating their own unhappiness, a Hell on Earth.
I really do believe in clearing samples, and I believe that people should be compensated for them, but the laws are just so stupid.
A risk-insensitive leverage ratio can be a useful backstop to risk-based capital requirements. But such a ratio can have perverse incentives if it is the binding capital requirement because it treats relatively safe activities, such as central clearing, as equivalent to the most risky activities.
Liquidity problems can occur in central clearing, even if all counterparties have the financial resources to meet their obligations, if they are unable to convert those resources into cash quickly enough.
Regulatory changes have forced banks to closely examine their liquidity planning and to internalize the costs of liquidity provision. The costs of committed liquidity facilities will be passed on to clearing members. These costs are perhaps highest in clearing Treasury securities, where liquidity needs can be especially large.
While the move to central clearing has made the system safer, we need to make sure that the central counterparties have the resources and risk-management practices to withstand plausible but severe shocks.
You may not know it, but at the far end of despair, there is a white clearing where one is almost happy.
During the Holocene, we undoubtedly altered our environment significantly, clearing land, diverting water and building great cities.
There is a clearing for new creative thought in choreography. I don't feel intimidated; there is a lot I can do that is new or innovative or different.
