Today's "must read" article is Liam Halligan's column in the Telegraph.
Since the financial crisis first hit, two busted orthodoxies have taken hold amongst the elite who preside over us; the first is that printing money (QE) and monetary stimulus can engineer recovered. They haven't.
The second is that bank reform means a little bit of "ring fencing" between retail and institutional banking here and there - the "settled" view, according to George Osborne. Ring fencing won't fix our banks, many of which remain state-dependent zombies.
Regular readers of this blog will know that I have argued consistently that both approaches are flawed. We need an end to print-money-and-pray economics, and return to sound money and banking (see details of my Banking Bill alternative to Vickers here).
The days of the Osbrown economic consensus are coming to an end. We are going to need something a little different if we are going to lift ourselves out of this mess.blog comments powered by Disqus
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