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Submitted by Anonymous on
My view in this issue is that the 2008 financial crisis was the result of the regulatory weakness of governments. To avoid such crisis in future there is necessary of establishing a super financial regulator similar to ICAO in the avation sector. The super financial regulator would oversee and control international finance in different ways such as establishing a harmonic control system in the member countries. . The member countries will be responsible to regulate their domestic market in harmonic ways matching to the guidelines of the international regulator. There is also necessary to regulate the so called innovation in soft technology which has syphoned the poor people's money in the hand of the new richs. It started with the New Economy phenomina especially after 2000. For example the mobile technology. It is changing month after month. A poor man who does not have sufficient money even to their food, cloth, education and health needs has compulsive wishes to buy newer sets by any means. Ultimately compromising their basic needs. What is the use of a mobile set with camera to a poor man? This and other soft technologies such as television and internet has diverted the income to a certain group of investors. To regulate this phenomina is very much necessary so that product of innovation should be of upgradable type so that their one time investment will not go in wastage. How can we overcome this technological empire which is unjustifiably exploiting the income of the poors and the middle income families?