The Governor of the Bank of England is to be congratulated for criticizing the Government and Financial Services Authority (FSA) for their lack of control over the banks, but he does not go far enough.
As an industry insider, I despair at the way the FSA - an unaccountable quango staffed mainly by ex bankers - fails to provide any meaningful protection to the public. This is due in part to its cosy relationship with the banks.
It over-regulates firms that are in competition with the banks, but pose little risk, while giving free rein to investment bankers whose massive bets would have crashed the financial system had we not bailed them out.
These bankers have decimated our economy with their recklessness and greed and in so doing have forfeited their right to exist as privately owned and run businesses. If they are too big to fail then the taxpayer should own and control them.
I am sure I speak for most voters when I say to Gordon Brown that we have had enough of your ‘New World Order’ agenda of boom, bust and bureaucracy. We are fed up with high prices, high taxes and mass unemployment. We want a banking/money system that is capable of delivering sustainable economic growth and that can cure our present financial ills, as well as world poverty. We want these things because they are our divine right and because we know that they can easily be achieved. We demand that the tables be turned on the money changers and ‘fractional reserve’ lending. We desire a debt free, money system that serves everyone and releases the people from financial slavery. We call for the abolition of usury and the creation of a publicly owned Peoples’ Bank.
As an industry insider, I despair at the way the FSA - an unaccountable quango staffed mainly by ex bankers - fails to provide any meaningful protection to the public. This is due in part to its cosy relationship with the banks.
It over-regulates firms that are in competition with the banks, but pose little risk, while giving free rein to investment bankers whose massive bets would have crashed the financial system had we not bailed them out.
These bankers have decimated our economy with their recklessness and greed and in so doing have forfeited their right to exist as privately owned and run businesses. If they are too big to fail then the taxpayer should own and control them.
I am sure I speak for most voters when I say to Gordon Brown that we have had enough of your ‘New World Order’ agenda of boom, bust and bureaucracy. We are fed up with high prices, high taxes and mass unemployment. We want a banking/money system that is capable of delivering sustainable economic growth and that can cure our present financial ills, as well as world poverty. We want these things because they are our divine right and because we know that they can easily be achieved. We demand that the tables be turned on the money changers and ‘fractional reserve’ lending. We desire a debt free, money system that serves everyone and releases the people from financial slavery. We call for the abolition of usury and the creation of a publicly owned Peoples’ Bank.
This letter was published in the 'Shropshire Star' daily evening newspaper on 27/10/2009
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