Friday, Jan 27, 2012
Pass the buck before the mess hits the fan.
Reuters: Treasury to take charge in next bank crisis
"The Treasury will have the power from next year to take charge in any future banking crisis, including being able to tell the Bank of England (BoE) to pump money into the financial system. Chancellor George Osborne published a draft law on Friday reforming the way Britain's financial system is regulated and setting out who has ultimate authority in a crisis" (It wasn't me Guv!)
Posted by alan @ 07:14 PM (783 views) Add Comment
5 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. libertas said...
They wouldn't encourage a crisis to take control would they? Oops, they did that already.
Hitler didn't firebomb his own Reichstag to become a dictator, right?!
2. mdmick said...
'Crisis'... 'Crisis'...
I heard that word earlier this week. Who was it ?
Mervyn King of the Bank of England ?
What was he saying? Something about how all crises come to an end; so a crisis is not all that bad really.
Hmm... and here we are, a little later in the week, and the word crisis appears again - glad it's a sanitised word now.
3. icarus said...
If you rehash a dog's breakfast this is what it throws up.
Let's simplify. The BoE is and always has been in charge.
4. hpwatcher said...
BOE sorting out the politicians mess, or BOE sorting out it's own mess?
The BoE is and always has been in charge.
Ummm Goldman Sachs and a few other banks have always been in charge - not BOE.
5. icarus said...
The BoE is the representative of the City. Shaxson's Treasure Islands, Chap 5 and elsewhere, charts the rise of finance capital over industrial capital since WWII and gives several instances of the City overriding the politicians. It was the City/BoE which promoted the eurodollar markets in the 60s and 70s which opened the way for US investment banks to have a large presence in London.