Nearly every nation on our planet has been affected by the irresponsible bankers and the banking system. Many national governments used billions of ordinary taxpayers money to bail these banks out of their bankruptcy. Many ordinary people lost their homes, their jobs and their self-respect because of the governments and bankers lack of diligence. However, in a psychopathic manner, these bankers continue with their reckless behaviour. The bonus culture and some of the reckless trading continue as before.
The people of the countries that bailed the bank are still paying through a reduction in their standards of living by the fact that goods are services are dearer, taxes are higher and wages have been cut. The bankers, Oh No!, they continue to enjoy their luxuries. Government fiscal policies are leading to job cuts and higher unemployment which in turn will reduce growth and revenue. The consequences can only be a deep and long period of recession with increasing inflation and cost of living.
The reason for the banking crisis was attributed to the lack of banking regulations. It has remained an international rhetoric as no nation has taken any action to come up with any regulatory measures. Although previous governments are blamed for removing or easing regulations; governments voted in since, regularly complain about the lack of regulations but are doing nothing to rectify the situation.
Will it make a difference if alongside fiscal measures banking regulatory measures are also implemented?
Good bye and good luck until the next time.
Peter
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