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‘Deleveraging’ Written by Archbishop Oscar V.Cruz

Tuesday, July 24, 2012

‘Deleveraging’


It is great to have a new word — a novel term — in town! There is this additional vocabulary, a fresh — though not necessarily refreshing — terminology that was recently invoked and wherefore even quoted by the major dailies.

This simply means that there can be new human thought or modern objective realities that require an equally update language for the consideration and even amazement of all those concerned. However, this does not preclude the possibility that the unique word can be an element of vocabulary gymnastics — intended to confused people and/or to cover up a painful reality.

“Deleveraging.” Behold the unique and intriguing terminology. What does it mean? It was lately used to explain the fact that no less than five rather big banks in the country closed or simply closed shop. These were the American Express, the Societe General, the Union Bank of California, the First International Bank and the Fortis Bank. The reason for the closure?  Here: “Deleveraging.” Translation: it was said that the countries they are identified with are those presently suffering from big financial woes. Hence, they are getting rid of their banks — by selling out.

Question: What about the other some 35 banks in the Philippines that also called it quits in the past 18 months or so? If the reason is not “deleveraging” — whatever this means — then what? The country is reportedly fast developing and progressing in its socio-economic stature as loudly proclaimed and repeatedly assured by the present administration..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/index.php/commentary/item/1943-%E2%80%98deleveraging%E2%80%99

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