Banking rules

Today there is talk about how to reform the banking industry.

Whilst I am not keen on the current governments monetary policy for the last 10+ years (borrow more, sell assets) I have to say I am with the current chancellor with his idea of not changing the rules.

When in the midst of a storm you do not start fixing your boat as you might get washed overboard. The worst has happened and we just have to ride it out.

Wait a year or two then decide, we have the time.

Also whilst the Bank of England wants more powers let us not forget that for the last two years they did nothing to stem the cheap debt. In fact by lowering interest rates they encouraged it.

Prudent people, myself included, saw the start of this almost exactly two years ago. It was reported on and ignored by those making the money.

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