Should We Join String-up-a-Banker Day?




French Finance Minister Christine Lagarde is, according to Le Figaro “irritated” by the increasingly popular Cantona call for depositors to crash the banking system by mass ATM withdrawals on December 7.

Her irritation is understandable but then so is that of the former professional footballer and his Interweb-networked campaigners. For as the “most serious economic crisis in more than 70 years” widens, deepens and worsens, thanks to the catastrophic irresponsibility of investment bankers, demands for retribution grow.

The global outrage perpetrated by out-of-control financiers from lofty Wall Street and London skyscrapers in mid-2007, has set off a fiscal fireball now engulfing not only the Eurozone but the lives and jobs of millions.

One of the world’s most powerful lobbies has brought us all to our knees and the London Daily Telegraph’s Liam Halligan graphically describes what could lie ahead in these two reports — worth reading and sharing:

During the 65 years Glass-Steagall was in place, the world avoided a systemic banking crisis. Within a decade of its repeal, chaos ensued.

and

Everyone should be worried about unprecedented money-printing by the US and the UK: This crazy money-printing is going to be seen as the primary cause of Western inflation, food riots and a commodity price spike.

String up a banker day? I couldn’t possibly comment!

UPDATE: Prof Niall Ferguson’s article, The People’s Banker might help explain the ongoing concerns about a banking world where “clients” have been replaced by “counterparties”.



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One Response to Should We Join String-up-a-Banker Day?

  1. Rodney Harper (@Voting_Rights) November 6, 2012 at 4:54 pm

    Unfortunately the financial system is a key driver of the global economy and even if the “bankers” were major contributors to the eventual financial crash, the sub-prime mortgage borrowers, heavily over-debted consumers, over-leveraged private equity investors etc. unable to meet their debts also acted irresponsibly.
    In the same way, acting again in an irresponsible manner by trying to “crash” the banking system is no solution to the problem, in which the “bankers” have an important role to play in the recovery.

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