This is an excellent article from Martin Wolf, Chief Economics Correspondent, in the FT. It’s well worth a read. Check it out!
Personally, I would endorse all the recommendations except for one, namely that I would prefer to see retail banking and investment banking completely segregated from each other. I also do not accept the argument that fully segregated retail banking would drive up customer charges – there are enormous opportunities for radical cost reduction in the retail banking.
What do you think?
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Customer charges are already going up so the argument the banks are using is a bogus one as you have already identified.
Complete separation is the only way, when combined with Glass Steagall or something like it, that we can avoid the wholesale plunder of our money which is still going on through QE and cuts in services we have already paid for whilst top Civil Servants, Local Authority Chief Executives and the CEOs of Times 1000 companies which are underperforming continue to overpay themselves along with the directors of banks, hedge funds, City advisors and the true “feral beasts”, the Traders.
John, many thanks. I tend to agree with you here.