Hayek calls for reforms of financial system

Switzerland’s king of watchmaking, Nicolas G. Hayek, has called for rapid and sweeping reforms of the global financial system to allow innovation to flourish.

Asked how we should get out of the present dilemma that was triggered by the subprime mortgage crisis in the United States, Hayek had no doubts that bankers should no longer be allowed to act alone.

“We should not let only bankers run and control the financial system but have a joint venture with real entrepreneurs, industrialists and financial people to reorganise it all.”

Here’s why he says it has to start in Switzerland:

“I don’t want it to start from Switzerland but it’s the only country from where you can start it.

“In the United States they won’t have enough credibility, in Britain they won’t have it, the Germans won’t start it and the French neither. The Chinese are not interested in it and the Indians neither. Who else is going to do it? We are forced to do it.”

Here’s the whole story.

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