"Banking system worst ever"

james armstrong james36armstrong at hotmail.com
Tue Oct 26 22:58:00 BST 2010

Mervyn King , Governor of the  Bank of England
,reported  on BBC Radio 4 News, 6PM, 26 October 2010


“The current structure of our banking system is the worst of
the many ways of ocs anizing banking. ” 

Robert Peston comments,

“Never in my wildest  journalistic
imaginings would I have expected  to hear
that from the Governor of the Bank of England…who
usually defends the status quo of the City of London.
Mervyn King has been profoundly shaken. ”

Mervyn King goes on

“Allowing bank 
executives to take risks  while
the traumas and the  losses generated by
them fall too much on tax-payers and on society could not continue. 

A radical re-invention of the banking system is necessary prohibiting
risky lending “  


In 1982 an  economics commentator wrote 


“Speculators may do no harm as bubbles on a steady stream of
enterprise. But the position is serious when enterprise becomes a bubble
on  the whirlpool of speculation. When
the capital development of a country 
becomes the by product of the activities of a casino, the job is likely
to be ill done.” Bernard Canavan, 1982 
“The Economists”.James

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