Monday, 19 December 2011

Breaking The Banks

Those of you who said that it was impossible to separate retail banking from investment banking, take it up, not only with every mutual building society by law, but also, as of today, with Her Majesty's Government, led by your own beloved Conservative Party, to which you owe either tribal allegiance as soi-disant Tories or ideological allegiance as Blairites rallying to Blair's Heir.

Thanks to those much-maligned figures, the conservative Democrats such as Glass and Steagall, that separation existed in America throughout the period that she first rose to and then occupied global economic pre-eminence. With even George Osborne promising today that the public stakes in banks would now be used to vote down eye-watering bonuses and the like, the stage is set to entrench our own Glass-Steagall yet further by legislating for the whole of retail banking, apart from those public stakes, to be turned into a network of mutual building societies.

The trick with the Tories has always been to make them think that it was their idea. As we see today.

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