We need desperately to re-impose the split between commercial banks (where you and I deposit money, and which then lend to ordinary businesses) and investment banks (which carry-out higher risk strategies).
The removal of the "Glass-Steagall" firewall in both the US and UK is the prime reason for the current crisis. By merging with commercial banks, leveraging their taxpayer-guaranteed deposits and using them to place reckless bets, the investment banks have destroyed the financial strength of the Western world. Any schoolboy economist can see that. Why can't Gordon Brown or Barack Obama?
Money Developments (5c) Compulsory Change
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The nature of money and banking would change dramatically if the government
made it compulsory for people and businesses to use the CBDC for all
transact...
4 days ago
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