20) That will do for now – I have no doubt refinement will be needed over the next few days though.
I do agree with one point though:
5) Long term banking reform will be essential: never again must we let this scenario recur. The intent to do this must be announced and planning for it – much broader based planning than that done to date, must begin. The important thing about that is to make clear we’re not going to put Humpty Dumpty back on the wall again: this time all the King’s horses and all the king’s men are going to do something more constructive with their time and cash than restore something that’s broken to its perch.
Now, given that the actual problem is that governments have borrowed excessively large amounts of money, those bonds are now falling in value making the banks (possibly) bust, entirely agreed that we need long term banking reform.
The two most obvious of which are to ban governments from borrowing so much money and the second, banning the banks owning any government debt.
Fiscal continence: since it\’s about the only thing we\’ve not tried so far might be worth a run, eh?