Such a prescient, beautiful sentiment.

Sunday, 15 February 2009


In today's Sunday Times an American Professor Paul Romer and British based Martin Whale advocate something I have mooted since the Northern Crock debacle. I also posted at OH's place (see below) on this subject. The sticking point is that by letting indebted banks fail and new ones inherit their good assets, the super rich and ruling elite might suffer losses similar to ordinary people. Any Party embracing the principles of new banks and strong mutuals , based on local lending and judgement, might receive a massive poll victory. I hope Labour don't go down this road. Unlikely because of their close, even incestuous ties with bankers. (I'd use a 'w' but perhaps not at this moment).


"My idea is similar. Give the billions direct to the population. Halve mortgage debts up to £200,000 but the payments must be saved for two years. These monies to go into small mutuals or new small local banks created from closing the gigantic twats who have caused this mess. After two years you have real money to spend."

The creation of new banks could easily incorporate many of the staff and branches about to be discarded by the giant international twonkers who've got us in this mess. Of course it won't happen. Far to straightforward and benefits too many little people at the expense of big, powerful, very special people?

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