Monday, September 13, 2010

Money for the people?

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 (1193 views)
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4 thoughts on “Money for the people?

  • 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.

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  • 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..

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  • @uncle tom – I agree with you. I was being sarcastic but maybe it didn’t come across right! Nothing wrong with mutuals.

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  • “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.

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