Monday, Sep 13, 2010
Money for the people?
Conservativehome: Douglas Carswell leads the way on bank reform
On Wednesday, immediately after Prime Minister's Questions, Douglas Carswell MP will be introducing a moderate and conservative ten-minute rule bill which would introduce sound property rights and contract to monetary deposits. It is potentially of profound importance.
Posted by numptyfish. @ 01:55 PM (736 views) Add Comment
4 Comments
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1. cyril said...
Isn't this how mutual building societies used to operate? And look what happened to them.
I think it was Margaret Thatcher's government that deregulated the banks in order to provide a boost to the economy. What a great idea that turned out to be.
2. uncle tom said...
Cyril,
Yes, but you imply that the mutual societies failed, which they didn't. Given the chance to de-mutualise, many elected to do so, and their customers got large windfalls in the process.
Should they have been allowed to de-mutualise? I wasn't convinced at the time, and I'm still not convinced that it was a particularly good idea.
Should we get rid of FRB? It sounds very attractive, but this sort of idea tends to have unseen consequences.
- Good in principle..
3. cyril said...
@uncle tom - I agree with you. I was being sarcastic but maybe it didn't come across right! Nothing wrong with mutuals.
4. capitalist said...
"Should we get rid of FRB?"
Yes, we should. There would be unintended consequences but in the long-term the aim should be to wean western economies off their existing taxpayer-backed currencies and onto a 100% gold standard.
The role of banks in relation to deposits should become nothing more than provision of vault services in return for a fee. Any "depositor" who wants to earn a positive rate of interest should understand they are "investing" and stand to lose their money, not merely "depositing" money ready for withdrawal when they like.