Nigel Farage discusses the Financial markets and the Credit Crunch. "The EU has over regulated with the wrong kind of legislation. The new EU proposals will destroy the city of Londons Financial services industry."
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3 comments:
I think that's the idea. For too long London has held this prestigious position and the others simply don't like it.
Sue beat me to it, I always thought that the intention was to ruin Great Britain, especially England, aided by our own politicians of course. Nice to be correct again, but sad and bloody angry. At our treacherous politicians naturaly!
Farage misses a point of course and the truth is that we don't need anybody to regulate the banks.
Activists point to the risk that we go back to the bad old days when depositors queued outside banks for their money, but this has already happened in the case of Northern Rock.
Far better a few have to queue than the many having to bail out a bank.
Nothing at all wrong with letting the markets decide who to lend money to, how much equity they need and, if they get it wrong, how much they will need to write off.
Let the banks go bust, give retail depositors preference with distribution on liquidation and equally important, let depositors once again take care with whom they entrust their money.
The old system does not work. More regulation will not work. For god's sake,why can nobody see this?
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