| As the general flight to risk assets go to dangerous excess, the nature of financial claims inflation and intermediation are altered momentously. |
| While stability of the financial sector is slowly improving, financial intermediation remains low and access to capital limited. |
| In so doing, the products and practices of financial intermediation have, in my view, forever changed. |
| Like I described in my previous post, intermediation, if it even does occur, occurs behind service boundaries. |
| Consequently the sector is not yet able to play its intermediation role to the full extent. |
| This is the case for direct operations, but in particular for financial intermediation projects. |
