New banks are being created to buy the old ‘Good Bank’ formed form the ashes of Northern Rock. A good thing? Not in my view, simply more of the same. We don’t need more private banks operating for private profits, we need genuine competition to the existing cartel not additions to it. We need banks that work on favour of the public, effectively distribution outlets for government-created money to the little guy. I note no-one seems to be interested on making loans/creating money (using fractional reserve principles) for the smaller business. They’re onlyinterested in the big fish. Where are the big fish going to be coming from if the small fish areen’t ever allowed to develop? All the proposals seem to suggest is more business as usual and frankly, that’s no good for anybody.
I notice too that Mr. Chen’s bank formerly tried operating under the moniker of ‘The Bank of Britain’ until the Bank of England reportedly objected. Hey, at least we knew who was behind the Bank of Britain!