This is still a truly glorious proposal

He’s made it over the years but still glorious:

I have argued for a long time, and right through the 2008/09 banking crisis, that the bank payments platform should be taken out of the control of creating banks and be brought under state control. This is because the creaking architecture of private banking cannot be permitted to hold the country to ransom during banking crises, requiring that banks be bailed out to maintain the infrastructure for bank payments.

What is instead required is a banking system where the accounts and payments structure is all under state control but banks provide a credit creation service based on that infrastructure in which private capital takes the risk of default without their being macroeconomic risk to the state, or risk to bank depositors because the accounts of a failed bank can be readily transferred to another operator if a bank fails. Call this the Railtrack model of banning if you like, with the infrastructure being state owned and with licensed banks working on it.

The organisation that has proven to be the worst at large scale software projects – the state – should be put in charge of the software for the entire banking system.

Can’t see any problem with that at all. Can you?

5 thoughts on “This is still a truly glorious proposal”

  1. Apparently the B$£%ard is in Sheffield today, abusing the taxpayer’s hard earned money.

    That (research) agenda is at the interface of political economy, accounting, tax and climate change. It will look at tax transparency, audit and accounting reform, hollowed firms and sustainable cost accounting.

    And chillingly for anyone believing in Freedom and the right to exist unmolested by the state.

    We are going to be busy

    The sooner a purge of such beings is carried out as a matter of some urgency the sooner we can all sleep soundly.

  2. Bloke in North Dorset

    Wow, he’s going to be in the tootie now.

    Guy who thinks the State should everything says he’ll let private industry run something. What will the left, especially the unions, think? No more grants from the TUC methinks.

  3. Having worked with core banking software, it’s good it’s varied. Most systems have overlap in features but most of the time each bank needs specific components built for them and specific to them. It would be a travesty if we were all forced to use what HMRC decides is adequate.

  4. It’s the first step in his plan to have your wages paid to the government who then deducts the tax and national insurance and then pays it to you (a genuine proposition by the potato) All your money belong to us!

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