Whether reasonably or not, credit default swaps (CDS) have become a key player in recent financial and economic crisis. They were largely used as collateral in various debt obligations. The main problematic collateralized debt obligations (CDO) were mortgage-backed securities (MBS) fow which CDS were used as insurance. Large-scale MBS defaults triggered calls to settlement of vast amount of CDS. Big companies like AIG, Lehman Brothers and Bear Stearns were especially exposed to these CDS. It showed up that they were not ready to withstand their obligations. To avoid system contagion, state authorities decided to bail some of them out.

Incompatibility of 27 tax systems in the EU poses compliance costs and market distortion. Common consolidated corporate tax base is proposed as a solution. However, small countries see it as a threat to their tax competition activity. I offer an insight into both connected issues.

Uvádím odkazy na hodnotná zpracování začátků finanční krize, která se do médií natrvalo propracovala koncem léta 2008. Obzvláště povedené je animované polopatické video Crisis of Credit. Nakonec se dostanu k výroku Milana Zeleného “It all started with the Community Reinvestment Act (CRA)”. CRA je americký zákon, jehož účelem je zpřístupnění hypoték i chudým obyvatelům. A já se ptám: Je CRA nebo něco podobného Big Bangem finanční nebo dokonce celé současné krize?