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September 4, 2011

FT Calls Them Out – Again

The FT has a terrific editorial today on UK bank reform where it appropriately reminds people of facts that the banks and their apologists continually obscure, deny or ignore: “Lest it be forgotten, Britain still has a huge banking sector relative to the size of its economy. Nations to beat it on this score include Ireland, Iceland and Switzerland. The first two have collapsed; while the third has taken more radical action than the UK is contemplating. The too-big-to-fail problem has not been resolved. While the government has the legal authority to resolve banks safely, this is not yet credible in practice. Banks are still able to borrow artificially cheaply because investors do not believe they will be allowed to fail.”



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