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…
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Table of Contents
- Join us! June 2-4, San Rafael, CA! Two evening events plus the PBI 2013 Public Banking Conference!
- Bail-out Is Out, Bail-in Is In: Time for Some Publicly-Owned Banks
- PBI Newsletter, April 2013: Artificial Scarcity and Public Banking
- The People’s Bank
- PBI’s Annual Public Banking Conference 2013, June 2-4, 2013, San Rafael, CA. Please join us!
- Creating a Finance System That Serves the People, Part II: Remaking the Federal Reserve, Building Public Banks and Opting Out of Wall Street
- Before Next Crash, Create Finance System That Serves Public, Part I: Shrink, Regulate Banks, and Enforce Law
- Britain’s Post Office to offer current (bank) accounts
- It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors
- School districts pay dearly for bonds…ANOTHER reason for publicly-owned banks!