Michael Meacher gets it. Matt Taibbi gets it. You?

16 Dec

Evening Standard story from Jay:

“Britain’s banks are ‘most dysfunctional’ of top nations”

Britain has the most “profoundly dysfunctional banking system” of any G7 country and must be overhauled, the Government has been warned.

Labour former minister Michael Meacher criticised the UK’s banking model, which links “speculative investment with retail deposit-taking”, citing this as a major cause of the economic crisis.

He also hit out at “extreme light touch regulation” of financial institutions that “left too much to the markets”…

…“I believe we need to break up the mega banks with their addiction to mortgage lending.

“We need smaller banks, we need in particular specialist business banks, infrastructure banks, housing banks, green banks, creative industries banks, and all the others.

…He said the financial crisis was caused by various factors including an “overlax” monetary policy, the development of credit derivatives, a banking structure which allowed banks to be “too big to fail”, and the role of “enormous bonuses which drove the recklessness”.

Meacher called for a separation of investment banks from retail banks, warning that the taxpayer guarantee on retail deposits currently provided “collateral” for financial trading.

But what was Meacher doing when he was part of power? Was it necessary to go along with Gordon? Why?

I wanted to quote rather a lot of the text of this story because this is one of the two equally important stories affecting our semi-sane Western, aka modern, on Earth today.

The issue of allowing certain religious gentlemen, who are 16 centuries out of date and extreme misogynists, to operate centres of indoctrination,and open more, is the other equally life-and-death issue.

To fix religious fascism, and financial services fascism, we need to back-track 40 years.

The loony-Left swept away cultural sanity in the name of rainbow-nation building. They failed to recognise fascism of the religious kind.

The rabid-Right have swept away financial sanity in the name of economic growth. They closed their eyes to criminality of the cankered-capitalism kind.

There is a sane middle way between extremes of red and blue. In the tradition of unbiased Rock and Roll insight into human stupidity, one researcher and writer that has recognised the problem is Matt Taibbi in Rolling Stone magazine. Google and you shall find.

Reading this on your mobile device? Try The Evening Standard now by clicking http://ThisIsLondon.mwap.at.

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