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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Andrew Haldane on the Arms Race in Banking | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="zJz7P7AfbA"&gt;&lt;a href="https://www.nakedcapitalism.com/2012/04/andrew-haldane-on-the-arms-race-in-banking.html"&gt;Andrew Haldane on the Arms Race in Banking&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2012/04/andrew-haldane-on-the-arms-race-in-banking.html/embed#?secret=zJz7P7AfbA" width="600" height="338" title="&#x201C;Andrew Haldane on the Arms Race in Banking&#x201D; &#x2014; naked capitalism" data-secret="zJz7P7AfbA" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>Regular NC readers have seen us repeatedly invoke the work of Andrew Haldane, the executive director of stability of the Bank of England. His thoughtful and original work on the risks and costs of our financial system have provided serious ammunition for reform advocates.   At the recent INET conference in Berlin, Haldane recapped some of his recent observations under the rubric of an arms race, in which efforts of individual players to improve their own position wind up leaving everyone worse off.</description></oembed>

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