Explaining That Banking Reform To You
HERE’S a little handy cutoutn’keep chart for you explaining all the fuss that’s going on about reforming the banking system.
Yes, that’s right children. Most of the banks that did have a casino banking operation didn’t fail. And most of the banks that did fail didn’t have a casino banking operation. So, making sure we don’t have more banking failures by ring-fencing casino from high street banks doesn’t seem to be doing anything very much useful, does it?
So the banking reform we are getting is pretty clearly not about stopping whatever it was that went wrong last time but about people using last time as an excuse to get the system they desire.
Oh lucky us eh, never let a good crisis go to waste.
The one thing that chart does show us is that you shouldn’t let a bank with a casino bank be run by a Scots accountant. But then I think we knew that anyway, nothing should ever be run by Scottish accountants.
Posted: 14th, September 2011 | In: Money Comment | TrackBack | Permalink
