Monday, July 25, 2011
Vince Cable lays out tough criteria for Vickers' ringfence for UK banking
Cable will say he fully supports the work of the ICB (independent commission on banking) but will add that he remains a supporter of full-scale separation.
"As you will know, my own instincts lie with full separation," Cable will say as he sets out three criteria that he believes should be used to "demonstrate that a ringfence can be as effective as full separation at a lower cost".
IMO: Of course I agree. And they should have a Tobin tax as well. And that should be just the beginning... And there is another interesting angle, which concerns the EU. The EU could have quite easily got around the problem with Greece etc. by using ETFs. (exchange-traded funds) or by other such means. ETFs nowadays are of course often totally dodgy, much more so than the derivatives which they used to trade all the time. Why didn't they ? And in fact they seem to be trying to reduce the use of ETFs. As of course they should, but why are such a crooked bucket shop operation as 'wine lakes and sugar mountains ltd.' (the EU) being so pious. Well my guess is that they are trying to force a USE this way, and to make the poorer countries toe the line of Germany. In short it is not just crooked banking, as Cable effectively says, but the crooked banking goes hand in hand with crooked politics. The UK should truly beware, but will it ?
"As you will know, my own instincts lie with full separation," Cable will say as he sets out three criteria that he believes should be used to "demonstrate that a ringfence can be as effective as full separation at a lower cost".
IMO: Of course I agree. And they should have a Tobin tax as well. And that should be just the beginning... And there is another interesting angle, which concerns the EU. The EU could have quite easily got around the problem with Greece etc. by using ETFs. (exchange-traded funds) or by other such means. ETFs nowadays are of course often totally dodgy, much more so than the derivatives which they used to trade all the time. Why didn't they ? And in fact they seem to be trying to reduce the use of ETFs. As of course they should, but why are such a crooked bucket shop operation as 'wine lakes and sugar mountains ltd.' (the EU) being so pious. Well my guess is that they are trying to force a USE this way, and to make the poorer countries toe the line of Germany. In short it is not just crooked banking, as Cable effectively says, but the crooked banking goes hand in hand with crooked politics. The UK should truly beware, but will it ?
# posted by uv : 9:44 PM
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