Zlatá koruna

Third International Zlatá koruna Financial Forum
[Golden Crown Financial Forum ]

At the International Zlatá koruna Financial Forum The World in Financial Crisis – End of the Carefree Days?, which took place on 9 December 2008 at the TOP Hotel Prague, Mgr. Karel Janeček, MBA, Ph.D., member of the RSJ Board of Directors, spoke together with a number of other experts and economists.

The press had this to say about Janeček’s contribution: "According to Karel Janeček of RSJ who specializes in derivatives markets, the development of prices on derivatives markets signals the onset of a deep economic recession that is coming and has already begun in some countries. The world has actually become poorer. The losses are extreme and continue to mount. Since October 2007, world markets have lost 20 billion dollars. The decline in asset prices is not merely an accounting problem, but represents a real problem in the lack of cash in the economy. The financial market problems could not have been caused by short-term speculators; they don’t do any systematic harm to the market. It makes no sense to regulate private capital funds. The key problem in financial markets and, in a certain sense, the failure of a market economy is moral hazard, where some large financial entities can conduct non-transparent and risky operations and know that if any problems arise, losses would be made up by the taxpayer. In this sense, banks and the OTC market (over-the-counter market) must be effectively regulated and controlled."

The full report can be found on videotape at http://www.zlatakoruna.info, where the speaker’s presentation is also available.