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<p>[QUOTE=&quot;fatima, post: 1361231, member: 22143&quot;]^Every country has local laws regarding bankruptcy, banking standards, foreclosures, etc.&nbsp; We have them here in the USA.&nbsp; In fact, in this country we have two soverign systems.&nbsp; The federal government and the state governments.&nbsp; For example, the federal government lays claim over bankruptcy proceedings, but it&#039;s the state governments that lay claim over foreclosures.&nbsp; Both deal directly with debt at banks.&nbsp; </p><p><br /></p><p>This works when banks are local as they were in the USA until the 1980s.&nbsp; (Banks could not cross state borders)&nbsp; When they let the TBTF banks form, they crossed these jurisdictions then even started to cross the international boundaries.&nbsp; These banks are now involved in all sorts of very complicated and risky deals which end up being manifested in local laws and rules.&nbsp; Imagine a state government being told here in the USA it can&#039;t pass a law because it might cause a bank in France to fail.&nbsp;&nbsp; There is no fix to this.&nbsp; (well not without some big time wars and a world government)[/QUOTE]</p><p><br /></p>

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