Over at the Cobden Centre, one of our friends in a central bank reflects on the Banking Commission’s interim report and asks, Are Carswell and Baker Really So Wrong?
As reported by Gordon Kerr, the Independent Commission on Banking issued its Interim Reportlast Monday. The Commission’s mission is to propose structural and other reforms of the UK banking sector. The objective being that big bank failures (rescued with taxpayers’ money) and the near collapse of the UK financial system we saw in late 2008 (eventually prevented with taxpayers backing) will not happen again. However, the Commission’s Interim Report in fact seems oriented towards ensuring that everything in the banking sector will basically remain the same.