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	<title>John Kay</title>
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		<title>Prosecutors must uphold the law, not cut deals with the accused</title>
		<link>http://www.johnkay.com/2013/05/22/prosecutors-must-uphold-the-law-not-cut-deals-with-the-accused</link>
		<comments>http://www.johnkay.com/2013/05/22/prosecutors-must-uphold-the-law-not-cut-deals-with-the-accused#comments</comments>
		<pubDate>Wed, 22 May 2013 07:26:29 +0000</pubDate>
		<dc:creator>John Kay</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[Accountability]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[Finance]]></category>
		<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[Regulation]]></category>
		<category><![CDATA[zry5hvr]]></category>

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		<description><![CDATA[The financial crisis left a few individuals responsible for it very rich while its consequences made millions not responsible for it much poorer. If this involves no crime, then we have failed to define or prosecute crime appropriately.]]></description>
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		<title>Why business loves capital markets, even if it doesn&#8217;t need capital</title>
		<link>http://www.johnkay.com/2013/05/15/why-business-loves-capital-markets-even-if-it-doesnt-need-capital-2</link>
		<comments>http://www.johnkay.com/2013/05/15/why-business-loves-capital-markets-even-if-it-doesnt-need-capital-2#comments</comments>
		<pubDate>Wed, 15 May 2013 09:36:18 +0000</pubDate>
		<dc:creator>John Kay</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[Finance]]></category>
		<category><![CDATA[Governance]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[Ownership]]></category>

		<guid isPermaLink="false">http://www.johnkay.com/?p=8952</guid>
		<description><![CDATA[One of the paradoxes of modern business is that firms have never had so little need of capital or so much involvement with capital markets.]]></description>
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		<title>Sinister or silly, protest politicians are united in grievance</title>
		<link>http://www.johnkay.com/2013/05/08/sinister-or-silly-protest-politicians-are-united-in-grievance</link>
		<comments>http://www.johnkay.com/2013/05/08/sinister-or-silly-protest-politicians-are-united-in-grievance#comments</comments>
		<pubDate>Wed, 08 May 2013 13:03:25 +0000</pubDate>
		<dc:creator>John Kay</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[Europe]]></category>
		<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[ideology]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Scotland]]></category>
		<category><![CDATA[UK government]]></category>

		<guid isPermaLink="false">http://www.johnkay.com/?p=8932</guid>
		<description><![CDATA[The inability of democratic politics to handle the aftermath of the 2008 financial crisis has threatened to undermine the apparent consensus on liberal democracy and lightly regulated capitalism that emerged following the fall of the Berlin Wall.]]></description>
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		<title>Fannie Mae is a needless and risky model for UK housing</title>
		<link>http://www.johnkay.com/2013/05/01/fannie-mae-is-a-needless-and-risky-model-for-uk-housing</link>
		<comments>http://www.johnkay.com/2013/05/01/fannie-mae-is-a-needless-and-risky-model-for-uk-housing#comments</comments>
		<pubDate>Wed, 01 May 2013 09:58:19 +0000</pubDate>
		<dc:creator>John Kay</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[credit crunch]]></category>
		<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[UK government]]></category>

		<guid isPermaLink="false">http://www.johnkay.com/?p=8927</guid>
		<description><![CDATA[Ambiguity is often attractive to politicians and costly to taxpayers.]]></description>
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		<title>Sovereign Scots may have to drop sterling</title>
		<link>http://www.johnkay.com/2013/04/24/sovereign-scots-may-have-to-drop-sterling</link>
		<comments>http://www.johnkay.com/2013/04/24/sovereign-scots-may-have-to-drop-sterling#comments</comments>
		<pubDate>Wed, 24 Apr 2013 12:51:49 +0000</pubDate>
		<dc:creator>John Kay</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[fiscal policy]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Scotland]]></category>
		<category><![CDATA[UK government]]></category>

		<guid isPermaLink="false">http://www.johnkay.com/?p=8925</guid>
		<description><![CDATA[If I represented the Scottish government in the extensive negotiations required by the creation of an independent state, I would try to secure a monetary union with England, and expect to fail.]]></description>
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		<title>Wake Up To Money</title>
		<link>http://www.johnkay.com/2013/04/23/wake-up-to-money</link>
		<comments>http://www.johnkay.com/2013/04/23/wake-up-to-money#comments</comments>
		<pubDate>Tue, 23 Apr 2013 10:22:02 +0000</pubDate>
		<dc:creator>John Kay</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[Scotland]]></category>

		<guid isPermaLink="false">http://www.johnkay.com/?p=8920</guid>
		<description><![CDATA[Today the Treasury released a paper on Currency and Monetary Policy in relation to Scottish independence. John discussed these topics on BBC 5 Live&#8217;s &#8216;Wake Up To Money&#8217;. Listen again here.
]]></description>
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		<title>Fair value is not the same as market price</title>
		<link>http://www.johnkay.com/2013/04/17/fair-value-is-not-the-same-as-market-price</link>
		<comments>http://www.johnkay.com/2013/04/17/fair-value-is-not-the-same-as-market-price#comments</comments>
		<pubDate>Wed, 17 Apr 2013 09:26:06 +0000</pubDate>
		<dc:creator>John Kay</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[Fads]]></category>
		<category><![CDATA[innovation]]></category>
		<category><![CDATA[Value]]></category>

		<guid isPermaLink="false">http://www.johnkay.com/?p=8915</guid>
		<description><![CDATA[The growth of the trading culture has encouraged the belief that the only measure of value is what someone is willing to pay. But this is a mistake.]]></description>
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		<title>Prosperity requires more than rule of law</title>
		<link>http://www.johnkay.com/2013/04/10/prosperity-requires-more-than-rule-of-law</link>
		<comments>http://www.johnkay.com/2013/04/10/prosperity-requires-more-than-rule-of-law#comments</comments>
		<pubDate>Wed, 10 Apr 2013 15:44:14 +0000</pubDate>
		<dc:creator>John Kay</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[Governance]]></category>
		<category><![CDATA[ideology]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Theory]]></category>

		<guid isPermaLink="false">http://www.johnkay.com/?p=8904</guid>
		<description><![CDATA[When the Chinese ask how to establish the institutions to support a stable, prosperous economy, it is not enough to mumble: “Property rights and rule of law – go to Denmark and see.” ]]></description>
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		<title>The Actuary</title>
		<link>http://www.johnkay.com/2013/04/04/the-actuary</link>
		<comments>http://www.johnkay.com/2013/04/04/the-actuary#comments</comments>
		<pubDate>Thu, 04 Apr 2013 16:22:04 +0000</pubDate>
		<dc:creator>John Kay</dc:creator>
				<category><![CDATA[News]]></category>

		<guid isPermaLink="false">http://www.johnkay.com/?p=8913</guid>
		<description><![CDATA[On the 4th April The Actuary magazine interviewed John. They discussed banking, economics and, of course, actuaries. Read the full interview here.
]]></description>
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		<title>Bungled bailout heralds shift in attitudes</title>
		<link>http://www.johnkay.com/2013/04/03/8901</link>
		<comments>http://www.johnkay.com/2013/04/03/8901#comments</comments>
		<pubDate>Wed, 03 Apr 2013 12:58:52 +0000</pubDate>
		<dc:creator>John Kay</dc:creator>
				<category><![CDATA[Article]]></category>
		<category><![CDATA[credit crunch]]></category>
		<category><![CDATA[Europe]]></category>
		<category><![CDATA[Finance]]></category>
		<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Regulation]]></category>

		<guid isPermaLink="false">http://www.johnkay.com/?p=8901</guid>
		<description><![CDATA[The belief that the right response to the failures of Basel I and II is a more elaborate version of the same global regime is a triumph of hope over experience.]]></description>
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