Should We Whack The Bankers?

[Theland]

How about this for an idea to whack the bankers?
Suppose the laws, (Truck Laws I believe they ere called), were reinstated to enable workers to be paid in coin of the realm.
We could live without recourse to banks, and make the bankers grovel for our custom.
I used to get a wage packet and had no need of a bank account, and when I did open one, it was my choice.
Would any politician have a go at this do you think?

[Theland]

The present system Backs The W ...... (No! I won't say it!)

[jake-the-peg]

Well we could pass some laws banning usary and move to a system of profit sharing rather than interest.

We could ban dodgy loans and require strict collateral

I think you'd find a lot of politicians who'd be up for this - especially in the middle East.

It's the fundamentals of Islamic banking!

[bibblebub]

The governor of the Bank of England has said that the squeeze on UK take-home pay is necessary. http://www.bbc.co.uk/news/business-12282405

Anyone know if his pay is being squeezed? It would be setting a good example if it were.

[jake-the-peg]

He's accepted a pay freeze

But at £300,000 a year he should be able to afford it!

[jake-the-peg]

Sorry forgot link

http://www.guardian.c...d-governor-pay-freeze

[bibblebub]

A pay freeze is more of a gentle hug than a squeeze.

[bibblebub]

...especially when it is self-imposed.

[VHG]

Most of the bankers who get these large bonuses are not in the section of the banks that deal with current accounts, so everybody being paid in cash would not make much difference (impractical anyway).

The big bonus bankers tend to be in the section of banks that work with futures markets and so on.

And if you hit them too hard they will move the banks to Amsterdam, New York, Hong Kong etc and we will lose all the money they bring IN to the country.

About 10% of the UK's income comes from financial services.

If we lost that we would need even MORE stringent measures.

[jake-the-peg]

What we need to do is to split off the retail banks from the so called casino banks that make money by speculating on derivatives and futures etc.

The problem is that the had the Government left the banks to fail the way any normal business would half the country would have lost it's savings and mortgages and jobs.

Until that split happens they are just tinkering at the edges and the same thing could happen again

[Theland]

I would just love to have cash, pay by cash, and have the local bank manager do a bit of grovelling to me for a change.