Big bang, big crash

They must do it on purpose, surely?

The BBC news leads its bulletin with the story that the government intends to try to boost growth by relaxing regulation of the financial sector, taking down ring fences and even telling regulators to encourage growth over, well, regulation.

Then the second story is that Santander has been fined £108 million because it failed to prevent money laundering. Apparently the bank’s poor management created a “prolonged and severe risk of financial crime”, according to the FCA.

This all happened just after the collapse of the Western world’s banking system was only prevented by hundreds of billions of pounds of tax payers money bailing out the banks.

Nothing has been learnt, nothing at all.

Go for growth over regulation now minister, why not? Trust the bankers, why not? It is not like they have done untold economic damage because of pure unregulated greed.

This cabinet will be long retired before the chickens come home to roost, that is one thing.

Knowing full well you are lighting the touch paper for, not a big bang, but another big crash is criminal, or it should be.

Jonty’s Jottings

Economics, trade and Brexit, not necessarily in that order but the dog always comes first.

By Jonty Bloom Media

Subscribe