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A virtual round table about the rating agencies was edited by Janelanaweb.com, listening in separate interviews to William White, former Head of the Monetary and Economic Department from May 1995 to June 2008 of the Bank for International Settlements and based in Basel, Bertrand Candelon, professor at Maastricht University School of Business and Economics, located in Netherlands, Franck Biancheri, leader of the Newropeans and research coordinator of the french forecasting consulting company LEAP in Paris, and Peter Cohan, professor at Babson College, blogger and analyst based in Boston.

Está na hora de “casar” John Maynard Keynes com os críticos do monetarismo e do despesismo em finanças públicas. A proposta de William White, da OCDE.

AN INTERVIEW WITH WILLIAM WHITE
Chairman of the Economic and Development Review Committee of the OECD and former chief-economist at the Bank for International Settlements (from 1995 to 2008).

William White warned of the coming big financial crisis. But the selected “club” of central bankers ignored him. Great moderation, procyclicality, a monetary miracle-policy, the substantial decline in volatility, a stable economy with continued growth, an economy closer to the efficient frontier where the business cycles were “managed” and the crashes shorter and shorter, all this “optimistic” mantra was the mainstream economic thought over the last twenty years inside the central bankers system. And coupled with this paradigm, grown and reign the greatest ever known rent-seeking financial paradise. Suddenly in mid of 2007, two years ago, the reality engulfed the club. William was right, but it was too late. A conversation with this contrarian economist.