Big Government needs Big Banks to prop up its junkie like mentality
towards spending other peoples money. Therefore this Government and the
Tories before it have favoured MonopolyMegabanks to a fully functioning competitive banking sector.
Big is not beautiful, it is inefficient, amoral in its dealings and is target driven irrespective of economic realities. This applies to Government as well as banking.
Today we see some of the first steps to having new 'back to basics' banking in the proposed floatation of Walton & Co., Virgin Money are already one step ahead in their recent acquistion of Church House Trust
The fact that these two deals are going ahead without vast amounts of taxpayers money, shows that RBS and HBOS should have been placed into administration and broken up. This was never going to happen under the Scottish Darien Government of Brown and Darling. The howls of protest from Edinburgh and the dent to Scottish National Pride would be too much for that to happen.
What I would hate to see happen now is that Cameron (I am discounting Brown as an irrelevance daily) allows the situation to continue with the Megabanks still enjoying their too big to fail status, still insolvent continue trading against smaller, properly run Banks that are solvent.
Unfortunately the distant prospect of a seat on the Board of a Megabank a la Blair, that is highly likely what is going to happen.
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The current policies of banking are disastrous and, despite what the spoon feed mass media script readers purport, is setting us up for greater failures and greater loses. Eventually the pound (much like the dollar) will reach it's brink and hyper inflation at record levels will see the currencies so devalued Germany's previous historic warning will seem a hiccup.
To end such a system the people must be allowed to create alternative & competitive banking at the most local levels and perpetuate the current model. These would not be hard to come by as we have historical frameworks that would not only be fit for purpose but would aid in a much bigger set of elements for true recovery.
Money is nothing more then the mere mechanism of exchange in the process of trade or barter of goods or services in reciprocation. By allowing such banks to continue as they do they, along with government, interfere with agreements of exchange. When the people realise the impact and options available then the market will cry out for better practices.
The problems that we do not address today, like inflation itself, grow over time to be the disasters we must face in the future.
Edit: Paragraph two should read...
To end such a system the people must be allowed to create alternative & competitive banking at the most local levels and [NOT] perpetuate the current model.
No need to blame it all on the Scots Guthrum!
Big business is big business and politicians are politicians.
This had nothing to do with our national pride or Scottish nepotism.
Just out of curiosity, what would have happened to my mortgage if HBOS had gone under?
@fuzzracer: you're right that the Scots national identity is not the issue here.
On the question of your mortagage, your debt will remain an asset on *someone's* books until it is paid off. Santander possibly?
The one noteworthy thing about the bailouts is that the central banks did not fulfil the role of "lender of last resort" exclusively.
The Bank of England could have bailed out the commercial banks entirely on its own by creating new funds *ex nihilo* and loaning them out.
However, that wouldn't have been politically expedient would it? ;-)
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