20 Jul '11, 9am

We need a financial system that can tell the difference between wealth and "illth", says David Boyle

We need a financial system that can tell the difference between wealth and "illth", says David Boyle

The financial services industry is corroding the wealth of ordinary people. It's time policymakers put a stop to this kind of rent seeking. By stabmewithlove Tweet It’s a frustrating business, the banking debate. The political establishment understands that we don’t want another banking collapse, though we are accelerating towards precisely that. Push them a little further and they understand there are issues about whether the UK banks are fit for purpose when it comes to small business lending – though they so far lack much in the way of policy for doing something about it (Project Merlin certainly is not that ). But the real question about the current banking oligopoly is more fundamental than that – it is whether or not they are actively corroding our wealth, individually and collectively, and especially our investments. That is why the revelations in the Daily Telegrap...

Full article: http://www.neweconomics.org/blog/2011/07/20/the-next-bank...

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