Posted: June 30, 2012 in This is the Voice of Lefty Reason

The Harry Worth-a-like Mervyn King spoke yesterday of the need for a new culture in British Banking. Well, like, duh, Merv, YOU are the Governor of the Bank of England! Perhaps, just perhaps, you might have got more involved before the latest greed-driven fiasco threatened the meagre savings of the common folk? Merv’s call for change wins this week’s “stable-door-horse-bolted” prize for sheer nerve. Unfortunately one of his proposals was to highlight the need for leadership of “an unusually high order”. I can just imagine the bonus-vultures clipping that phrase and re-using it when the next public outcry appears at executive-pay-frenzy time. Mervyn must have a handle on what’s going on, mustn’t he? He sets the interest rate, oversees the industry and is the keeper of the nation’s purse. What has he been up to while the bankers screwed the system and almost sent us into financial meltdown? Was he sipping port with Cam? Lunch with Giddy-Up? Or, like the rest of us was he head down in the sand just wishing the whole sorry mess would be sorted by someone else? Bank bail-outs (using public, i.e. our, money), cash-print-pump-priming, ultralow interest rates, financial deregulation (i.e. do what you like Mr Banker) and cap-in-hand-o-nomics have all been part of his arsenal, none of which has made much difference because the banking industry was left to its own devices and managed to convince him that if he intervened then they would up sticks and leave town. Is Merv about to rise up and take the bankers on in a fight to the death? I very very much doubt it. The usual platitudes will be wheeled out as the MoTU continue to screw the rest of us. Harry Worth? British funnyman and Mervyn-King-a-like, ask your parents….


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