Wednesday, October 21, 2009

Bank of England Governor Mervyn King has insisted banks must no longer be allowed to take gambles, s

King calls for reform to ward off future financial meltdown

n an exclusive article for The Herald, which comes after his hard-hitting speech in Edinburgh last night, he warns sweeping reform of the UK financial system is “essential” so future generations will “not suffer an even greater crisis” than that which tipped the economy into deep recession.

Posted by chris @ 06:21 AM (1369 views)
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27 thoughts on “Bank of England Governor Mervyn King has insisted banks must no longer be allowed to take gambles, s

  • There is nothing hard hitting about Mervyn King, especially when it comes to tackling inflation, corrupt banks and systemic risk.

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  • Oxymoron.

    paul, your illusration brings to mind the term, running around in circles.

    Shame it’s not, running circles around. Hey, the BOE!

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  • I don’t know why you’re so nasty to our Merv.

    His remit is set by the government, not him; and as a public servant he has to make the best of things, while adhering to that remit.

    Now that the FSA’s rather feeble proposals have been made public, he is being exceptionally outspoken in his criticism; making it clear that he believes the banking system needs far more than the odd tweak here and there.

    He couldn’t shout any louder without losing his job, and what he saying is absolutely correct.

    – Give him some credit!

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  • 3. uncle tom

    Giving undue credit is the problem.

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  • brownsters_billions says:

    Is this our dear Gordon then?

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  • Give credit where credit is undue?

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  • Mervyn King seems to be one of the few people in banking circles calling for strong reform. He makes the Govt look weak in comparison. He is doing his job.

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  • All this talk about reducing the power of banks in any form is utter nonesense.

    The New Global Order has quiet the opposite in plan.

    Running around in circles whilst people slowly lose the power to resist is what’s happening before peoples eyes.

    Most have been payed off with illusionary temporary wealth to just ignore the theft and replace it with blind faith.

    “Agenda 21” Will reveal how stupid this blind faith has been. So you think you own property. lol.

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  • @9. “Go as deep as you dare!”

    Just wasted nine minutes listening to the disconnected airheads.

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  • You will be telling me next that the New World Order does not exist, like so many disconnected airheads used to think.

    How much in your face does something have to be. Think about what is going on NOW! Sorry to cripple your “my little empire” hopes.

    A 9 minute attention span? No wonder we are in trouble!

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  • 8. crunchy said…”The New Global Order has quiet the opposite in plan”.

    Well, what do you expect Crunchy. The human race is an unsustainable ponzi scheme and has to be managed …. quietly. All this talk of action on climate change is, as you are well aware, just a smoke screen for the cannon fodder.

    As you and I know, the alternative would be far more unpalatable.

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  • brownsters_billions says:

    It is my firm belief that the world is run by incompetent people who attempt to exert influence over chaos, but rarely succeed.

    Worldwide conspiracy? Who’s running that one? Is it the same people who can’t run their banks, or a country?

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  • 12. brownsters_billions

    We are being duped on a huge historic level. “Those that do not study history are doomed to make the same mistakes.”

    Think about that one in corrolation to what is going on now with our governments and banks and it all becomes a little clearer.

    Also check war dates with dates of depressions and financial downturns and you will see that we are not lead by what you would like to

    think as incompetent people as much as it makes you feel in control and superior to what is going on.

    Get ready for the incompetents to tax you to death after cheating you out of a home for the past years.

    Incompetents? Yeah right! That is there excuse.

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  • vacuouspolitician says:

    “it wasn’t me guv, honest, I was only doin me job watching the CPI”
    Pillocks.

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  • Lastly……

    Since when has government incompetents ever really benefited YOU.

    The Crunch.

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  • brownsters_billions says:

    @15 crunchy

    I don’t actually think being run by incompetents benefits me in any way, rather that i’ll be clobbered by tax rises because it will be the only course of action left to them. Gordon is trying to save his own skin, period, with this massive propping up of the economy and the property. Economic cycles are the result of human greed and the inability to separate herd movement from rational thinking – no-one at the helm pulling the strings

    I’d rather make my peace with that fact and just be a good boy scout and prepare for all eventualities! Let’s not forget, if we descend into some kind of anarchic energy war, paying a mortgage off will be the least of our worries!

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  • 16. brownsters said… “I don’t actually think being run by incompetents benefits me in any way,”

    One has always to ask the question when it comes to so called random incompetence. WHO HAS BENEFITED?

    I rest my case.

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  • contrails are not a conspiracy (formerly npnh) says:

    Lol.

    Crunchy looses another HPC logon in 3…..2…..1…..

    then re-emerges as: Duuun Duuuuun Duuuuuuuun.

    Watch this space!

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  • mountain goat says:

    I listened to his talk live and thought it was sensible and hope it is the start of much soul searching by the money manipulating cabal aka Central Banks. But I winced when he said the problems of the past few years were caused by amongst other things holding interest rates too low. What is he doing with IR now? So he is calling on banks to reform but what I missed was him calling for a reform of Central Banks as well. They seem to have interpreted their role as constant stimulation. This comes from a misguided target of constant growth. If we had a few more planet earth’s nearby we could invade then constant growth would be appropriate. But we don’t and so a sustainable economic philosophy is required. Currently they are behaving like lemmings.

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  • brownsters_billions says:

    @20 mg

    Couldn’t agree more. Uninterrupted and continuous growth is a pointless concept in a finite world. Someone, somewhere has to take some pain, but on our current trajectory, everybody’s going to end up losing out.

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  • Not everyone, just the people that don’t matter, but others will benefit beyond their wildest dreams. Ring any bells?

    “Agenda 21.”

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  • contrails are not a conspiracy (formerly npnh) says:

    http://jaygary.com/agenda21.shtml

    I dunno. Sounds like a good idea to me.

    “Underlying Agenda 21 is the notion that humanity has reached a defining moment in its history. We can continue our present policies which serve to deepen the economic divisions within and between countries; which increase poverty, hunger, sickness and illiteracy worldwide; and which are causing the continued deterioration of the ecosystem on which we depend for life on Earth”.

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  • contrails are not a conspiracy (formerly npnh) says:

    You got any better ideas?

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  • contrails are not a conspiracy (formerly npnh) says:

    “Or we can change course. We can improve the living standards of those who are in need. We can better manage and protect the ecosystem and bring about a more prosperous future for us all. “No nation can achieve this on its own,” states Mr. Maurice Strong, Secretary-General of the Conference, in the preamble to Agenda 21. “Together we can in a global partnership for sustainable development.”

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  • Crunchy, have you read Agenda 21?

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  • Crunchy??

    Actually I have read it – you’ll find it here – http://worldinbalance.net/intagreements/1992-rio-agenda21.php

    You’ll no doubt understand why I find it hard to connect it with what the various speakers claim in your video clip, even apart from the fact that they never actually quote the text to back up their claims.
    But then there was the quote about education being bad for sustainable development and the gasps of horror from the audience. Until one sees it in context, here – http://www.esdtoolkit.org/discussion/default.htm, and realises that one is being spun as much as the ‘mainstream media’.
    I think it’s best to be equally critical and analytical of all one reads, rather than just what opposes one’s views.

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