While George Osborne pushes forward with his latest initiative to get more people and companies into debt to turbo charge the economy, we also hear from Mervyn King, the governor of the Bank Of England stating that the current banking system is the worst one we could have.
â€œOf all the many ways of organising banking, the worst is the one we have today.â€ Mervyn King.
Chancellor George Osborne signed Project Merlin. In a nutshell, the banks have committed to lending more money in 2011, especially to small businesses, to pay less in bonuses than they did last year and to be more transparent about their pay packages.
More dealing with the symptoms rather than the cause of the problem.
Positive Money have launched a new campaign to reach George Osborn and let him know that monetary reform would mean that the banks can get on with banking and our economy would not depend on them continually lending more money each year to supply our nations money supply.
Mr King, the governor of the Bank Of England said: “We’ve not yet solved the ‘too big to fail’ or, as I prefer to call it, the ‘too important to fail’ problem.
Well Mr King, if the banks were not supplying our nations money supply, then they would definitely not be too big to fail as they would be a normal company that can fail without crashing our economy, like the rest of us…
…Not to mention a more stable business for them too!
Anyway, recently did an interview for a documentary so thought I would share a clip with you here.
Canâ€™t wait to meet Mr. King and Mr. Osborne and tell them both personally.
Things are moving fast.
Leave a comment and let me know what you think…Simon Dixon
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