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Wednesday, 4 July 2012

Ignore the City's teen petulance

Jeremy Warner in the Telegraph leads the hyperbole with 'cutting the City down to size' in much the same way that a teenage girl when ordered to 'clean out your bloody pony because I won't' responds 'You all hate me you don't want me here I wish I was dead ..' and so on. It really doesn't need saying that the City is highly valued and mostly respected and is a lot more than the bent banking, the dodgy mis-selling and the unforgivable fraud and corruption by the casino banks. Insurance and marine insurance and chartering, FX, the London Metals Exchange and the whole other world of financial institutions other than banks, the whole area of legal expertise that clusters West of the City wall (where a wise King expelled them from the City itself) leads the worlds in both litigation and dispute resolution and all that supports them, employing 1.1 million in all, is vital for both London and the UK economy. 

And that is why the cancer of privatised profits but socialised losses must be cut out. If the Lloyds names suggested that because of a run of bad hits the taxpayer should pick up the tab to allow them to keep their Surrey mansions and wealth there would be outrage. Just so with the buccaneer bankers. By all means let them operate in the City and pay taxes when they do well, but when they screw up or get caught they must fall by themselves. To do this we must separate retail banking from the buccaneer activities. And we must do it soon.


Dave_G said...

Banks both fear and respect money. They respect it for the power it brings and fear it for the power it could lose them if they didn't have it in the first place.
Savers should be encouraged to deprive banks of their income - withdraw all your savings and watch as the banks genuinely FEAR the consequences.
It is said that if only 7% of savers removed their deposits, most banks would collapse under the losses.
This is the power WE have over THEM and it's beyond time we exercised that power.

Anonymous said...

While we rail at the bankers, egged on and cheered by the BBC, the real thieves who rob us blind, as well as deprive us of our liberties, are not bankers, but the small elite who rule from Brussels via London. They sure must be grateful to the MSM for distracting attention from themselves to bankers.

OWS and the One Millionth: Right Feelings, Wrong Target


Anonymous said...

Don't be silly.
Banks manage to operate with deposits so small as to be non-existent.
They are so over-extended that the removal of a few tens of billions would not be noticed.
They've been lending everyone a whole lot of nowt, and then collecting interest and charges on that nowt, for so long that they've got used to profiting from nothing.
More nothing would just mean more people borrowing it... !

cascadian said...

Interesting, watching incompetent politicians setting about destroying confidence in their major income earning industry. The morons are out in full force, Leveson has worked so well for them (sarcasm) that a similar disastrous hearing is needed to hasten banks offshore away from their meddlesome nonsense.

I have no respect for the banks and how they deal with the majority of savers, they need to suffer for their past arrogance and outright stealing by manipulation of savings rates for the benefit of the almighty Liebour and conmen parties. Dave_G understands, though I doubt it would take anything like 7% to withdraw their savings to get the banks attention. Most European banks are already insolvent, a 0.5% or 1% removal of money from savings accounts could be catastrophic and might just make them understand that clients need to be listened to and honest, reliable pensioners with small savings accounts deserve a real return on their meagre savings.

The politician's hubris have destroyed real wealth in BP, Northern Rock, RBS, Newscorp why not Barclays too? Feckless morons they are supposed to create conditions for increasing wealth.

Anonymous said...

I dunno what the masters of the Universe actually did, one thing I do know, is that they were [as long as they kept on 'winning'] left to their own devices and how can you possibly expect anything else - integrity and upstanding behaviour?

Politicians, harumphing about Bankers? What a laugh. This sorry state of affairs has roots which go way back and involve Marxist indoctrination and Frankfurt school dogma, the political elite of Britain and the EU are wholly responsible.

It makes one weep bitter tears as it goes on:

"A teacher spun a deceitful web of lies, including pretending her young son was dying from cancer, just to get paid leave from her school.

Kelly Baker, 31, said the three-year-old had fallen into a coma, and pretended her father had died, as well as inventing 13 fake health problems.
When a teacher attempts this - you know the country is going down the toilet.

Yet this is how we treat loyal and devoted servants:
This from the Daily Telegraph But remember this - the MOD W-anchors.
We allow private companies to oversee 'problem children'. Robber barons own these profit only motivated organisations who extract form the taxpayer at least £200, 000/per year/ 'charge'. Then, buy up crap housing in shite areas of the country, stick problem children their - fail to supervise their charges and then wonder why they are abused and treated like sex slaves in the local community by the swamp hounds and local low lifes. FFS.

Finally, from the rear of the pages of the Times, a story which made me gag - if Murray reaches the Wimbledon final - tickets will change hands for upwards of £25,000 - fucking unbelieveable.


Anonymous said...

From, there - apols for typos less haste = more speed.

Anonymous said...

A country, or continent, gets the politicians and bankers it deserves.
If we had not been so desperate to buy what we could not afford, then this deplorable state would never have arrived (if you have to borrow to buy, you cannot afford it)
In any political system the electorate MUST accept the blame for any shortcomings.