This ruling principle is defined by the constitution, which sets criteria for political offices, particularly the sovereign office (III.6.1278b8 10; cf. IV.1.1289a15 18).
John Walsh, acting director of the Office of the Comptroller of the Currency, has said the Volcker rule will put U.S. banks at a disadvantage against foreign competitors, while foreign governments and regulators worry the rule will hurt liquidity, particularly in sovereign debt markets.
He said: "Although the volatility in global markets persists in 2012, particularly concerning the sovereign debt crisis in Europe, we remain confident in the outlook for our diversified mix of commodities due to sustained growth in emerging markets".
Bond markets, however, have responded well, driving down sovereign yields particularly of fringe countries.
However, this move is recommended only for professional investors or those particularly experienced in buying sovereign or corporate bonds.
In their view, those who fear a sudden rise in sovereign risk, particularly for America, misunderstand the reasons for the build-up of sovereign debt and underestimate the role of Treasuries as a safe haven.
Secondly, the elevation of credit ratings of their sovereign debt, particularly India, has provided their central banks with some justification for maintaining lower interests than what they have been traditionally used to.
"Given how aggressively central banks have been buying bonds, particularly Treasury and other sovereign debt, most parts of the bond market are expensive," said Russ Koesterich, global chief investment strategist at BlackRock, the world's largest fund management firm.
"Weak growth is likely to remain a strong overhang on the corporate sector, and in the near-term raises chances of a sovereign downgrade, particularly in the light of the stalemate on the policy front," said Tirthankar Patnaik, the director of institutional research at Religare Capital Markets.
It is a remarkable but perilous military undertaking in a sovereign country, particularly in a place of conspiracy theories and constantly shifting alliances, where it is hard to know who can be trusted and where many people are historically skeptical of what they see as intrusiveness by outsiders, this time by the Americans.
