It’s time we hit bankers where it hurts most (From St Helens Star)

• "Mike is partly right the banks are not just there to make money. They form an essential role in our economy. Without the clearing banks our society would descend into anarchy within about 4 days. As Mike says they facilitate the money supply lending to businesses and individuals. They also facilitate the notes in your wallet and the pennies in your pocket. The Bank of England prints notes and the royal mint manufacturer’s coins but without the infrastructure of the clearing banks they cannot distribute it to the population. So their role is both commercial and civic. However innovation and efficiency is critical and therefore I don’t believe they would be better in public ownership they would go the way of all public bodies overmanned and0 inefficient. In fact generally the less we have in public ownership the better because it always goes the same way. It would take you a year to get a credit card or change your bank details if the banks were in the public sector. Actually don’t think there is a lot wrong with banks they are very well run organisations and highly successful and have developed many new products that are part of the reason our economy was successful a few years ago. In a modern globalised economy we need innovative banks not some equivalent of a local council or civil service department. I do accept though some things are not right and some reform is needed. The Vickers report should be implemented with the high street banking separated from investment banking and there should be more banks. Ed Milliband’s stance and I think he is right. I also think criminal prosecutions should follow but this will be a handful of people in the banks I repeat 1.4 million people work in UK banks. So let’s stop this nonsense and rhetoric about the banks it’s largely untrue and promulgated by politicians who are the real villains and the reason the UK and the whole of Europe is facing catastrophe."
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