Saturday, 5 March 2011

Charles Moore interviews Mervyn King

If the banks face no risk we shall all go down writes Charles Moore in an excellent piece for today's Telegraph. On the financial crisis, he says that greed and foolishness were rewarded and prudence was punished likening the banks to the powerful but malign vested interests of the 1970's - nationalised industries like British Leyland, the Coal Board and unreformed trade unions: their power lies not in the good they can do, but in the havoc they could wreak pointing out, in Mervyn King's perceptive quote, that the banks are global in life, but national in death. He concludes, I'm glad someone (Mervyn King) is speaking up against a world where morality has simply turned upside down. Well worth reading.