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Banking reform and the Vickers Report


Tony

IC recommendations  

12 members have voted

  1. 1. IC recommendations

    • Yes it will help to prevent future banking crisis
      3
    • No, it won't make any difference
      7
    • I don't have a clue
      2
    • What's the ICB Vickers Report?
      0


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Thanks for that link.

 

The next 12 months? I think that the next banking crisis is here now and that it has been for 3-6 months, it just hasn't manifested itself in a way that is apparent to Joe Public. The PIG's are all bust and voters won't take the medicine. The Euro is bust and politicians are playing for time, but I can't see where their end game is. Britain and the £ sits nicely outside this albeit with huge contingent liabilities.

 

The bad medicine is coming whether we like it or not. The UK is already 2 years ahead and will reap the benefit 2 years before the delaying nations. It isn't going to be nice in the mentime though.

 

At the end of it everyone with any sense will realise that the entire post war welfare system has to end because there just isn't any money. We will work harder, for less, with less entitlement.

 

However, the great thing that will come out of it is that we will rediscover community, self-reliance, and by necessity we will let the State and it's vested interests diminish in both size and importance.

 

We completely agree again. The crisis is happening now, and yes we are ahead of the curve. Cameron was correct to throw in the towel to Europe as we would have been throwing good money after bad to save a defunct Euro. Its shocking to see some of the Greeks literally begging to survive whilst the government imposes more taxes. They need to bailout now and **** the bond holders. Its scandalous that anyone can think the bond holders are more important.

 

The post war welfare system i believe is coming to an end, but i would still like to see many services saved, predominately for our youth, elderly, sick and infirm, and i believe that if we spent the tax revenue effectively these can be achieved. I believe we have a duty to our next generation for them to understand the cost of services. Most people have no idea or consideration of the cost from the moment of birth, right through to education at 21. Our children should be taught the costs of services so that they dont live in this make believe world they the state "owes" them.

 

My worries are that the banking crisis we are in now, if we fund and fuel the banks again without some harsh regulations and stipulations put on them, a major ****storm will commence. Labour had an opportunity to stifle them hugely and copped out of it, to the point that Fred the Shred is having a pension pot, that should have been UK Plc's.

 

If the government dont regulate the City of London, and the tax haven its become, i dont foresee anything other than anarchy for the next couple of years until the next general election. Too many well educated people have seen through the scams now, and when middle England is ****** off, revolts happen. We have to force our politicians to listen to its electorate more, have more democracy and less of a police state. We also need to sever the link with the USA pretending we are the police force of the world.

 

And yes, people need to create the communities of the 50/60's and 70's again. These will be required for the UK coming out the other end with the minimum amount of pain. I could write a lot more on this, but i fear im boring too many people already.

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Britain and the £ sits nicely outside this albeit with huge contingent liabilities.

.

 

I fear when the real banking crisis happens the £ will be worth nothing. Our debt ratio is now 1000%. We cant ever pay that back, and no one knows the liabilities our banks, insurance and markets are holding now. It truly would not surprise me if we ended up in a new currency coming out the other end will other countries, some of them European and maybe even the $.

 

I honestly cant see how this is going to pan out yet.

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I fear when the real banking crisis happens the £ will be worth nothing. Our debt ratio is now 1000%. We cant ever pay that back, and no one knows the liabilities our banks, insurance and markets are holding now. It truly would not surprise me if we ended up in a new currency coming out the other end will other countries, some of them European and maybe even the $.

 

I honestly cant see how this is going to pan out yet.

 

our debt ratio is nowhere near 1000%

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"sitting nicely outside" was a relative expression. :)

 

I don't see the $ as ever replacing or usurping the £, or the € for that matter. obviously the USA will continue to kid itself that it rules the world for a few more years but at the rate that China and India are getting their feet under the table, even the 'Merkins will click eventually.

 

The Euro is ultimately doomed in its present form because they can't run it 2/3/4 stream and the politics gets in the way. I'm struggling to see any alternative but to collapse it and let the PIG's and maybe a few others go broke and reinstate their own currency once again and look inwards for a few years. If this does come to pass then the whole EU project seems at risk too, beyond a simple trade bloc.

 

This brings us back to the one thing that the UK has by staying out of the € / EU mess - we can print money, in our own currency, pegged to whatever we choose. It is the thing that will save us... in fact it is the thing that is saving us right now alongside leaving the € to it's own disaster.

 

I also have a feeling in my water that all this will be precipitated by German voter opinion, not the condition of the 3rd division EU partners.

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This brings us back to the one thing that the UK has by staying out of the € / EU mess - we can print money, in our own currency, pegged to whatever we choose. It is the thing that will save us... in fact it is the thing that is saving us right now alongside leaving the € to it's own disaster.

 

while printing money is always an option, doing too much of it is generally considered to be a bad thing as it fuels inflation

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