The next banking crisis is on the way and our government is in complete denial ✒️ FisherAndrew79 via ipaperviews
but they should concern us. It could be a canary in the coalmine and warning of what is to come.
However, the rescue of one of Europe’s biggest and oldest banks, Credit Suisse, just a week later has led many to question the confidence of that assertion. That scarring was not inevitable. Policy failure after policy failure has compounded the problem: from George Osborne’s austerity to Brexit. The Covid pandemic and Ukraine war have not helped, but the ultimately the greatest failure has been not changing our economic model in the wake of the global banking crash.
The Bill proposes to remove the cap on bankers’ bonuses, the EU-wide solvency insurance rules and the MiFID II rules – which were about stabilising the finance sector, increasing transparency and removing incentives for risky, speculative behaviour. . I co-ordinated a heterodox network of left-wing economists and activists called LEAP economics, and was being interviewed about Northern Rock.
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