That is, banks should be free to choose to bear the costs of implementation for the benefits of greater capital risk-sensitivity. Neither for international agreement nor for domestic supervisory reasons did imposing Basel II on all U.S. banks seem reasonable.
Of course, even McLuhan couldn’t have foreseen the developments in transportation and communications that have taken place over the four decades since his book was published. These developments have converted McLuhan’s abstract concept into reality. Satellite technology gives us live broadcasts from anywhere in the world.