From The Gaurdian of London, “The greatest danger of the rate-fixing scandal now engulfing the City of London is that it will be managed and defused in the usual way, and nothing will really change. Tuesday’s forced resignation of Bob Diamond, the Barclays chief executive, follows well-worn procedures for dealing with crises that potentially threaten those in power: denounce the worst offenders, let a few symbolic heads roll, set up an inquiry under a safe pair of hands, and tweak the regulations to prevent a repetition of the most egregious misdemeanours…The financial system has already failed at huge economic and social cost. It has been shown to be corrupt, incompetent, rapacious and economically destructive. The City’s claims to be an indispensable jobs and tax engine for the British economy are nonsense: the bailout costs of 2008-9 dwarfed the financial tax revenues of the boom years, which were below those of manufacturing even at their peak…
No comments yet.
Leave a comment
Get Our Newsletter
Sign Our Petition – Support The Bill for a State Bank
Connect With Us!
Table of Contents
- Post Office Banking Could Be the Start of Something Big
- A whole new pot of money for entrepreneurs? Time for a state-owned bank!
- Montana Group says state-owned bank could help students, farmers
- Enough Is Enough: Fraud-Ridden Banks Are Not L.A.’s Only Option
- Is Postal Banking Already Legal? Yes.
- Prosperity For Main Street, Not Wall Street
- The Post Office Should Just Become a Bank: How Obama can save USPS and ding check-cashing joints
- Elizabeth Warren: Coming to a Post Office Near You: Loans You Can Trust?
- Vermonters for a New Economy, Final State Bank Study
- Brominski exploring creation of county-owned bank in Luzerne County, Pennsylvania