The Corner

Re: The People’s Bank

Cliff, while (as I’ve said before) I reckon that a direct equity investment in the banks by the government was the right thing to do, although I’m as yet unconvinced that forcing, more or less, banks to accept this ownership was the way to go. You are, of course, quite right to warn of the temptation that this may offer to politicians — and not only “socialist” politicians. This move is (unfortunately) a necessary fix, but it must be a temporary fix. Making sure that this is indeed the case is likely to be one of the major political battles in the years to come — and it will be an uphill struggle.

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