Archbishop of Canterbury wants local banks
He thinks he's found a solution to Britain's financial woes, and that is for us all to have local banks. Break up the nationals and go for local lenders! That's what Jesus would do.
Speaking just days before key GDP data is expected to show the economy remains stalled, His Archbishopness told a Westminster discussion on the financial crisis organised by the Bible Society: "Economic crises are a major problem when they are severe. When they are accompanied by a financial crisis and a breakdown in confidence then they become a generational problem."
He added: "Historically, the great failures in banking have led to very, very long periods of recession at best. I would argue that what we are in at the moment is not a recession but essentially some kind of depression. It therefore takes something very, very major to get us out of it in the same way as it took something very major to get us into it."
The Archbishop is actually a former oil executive, so he might know a thing or two about money. He thinks that people should no longer be able to "drift" into senior banking positions and that there will always be problems when banks became distant from the communities they serve. With that idea in mind, he thinks the simplest solution would be to create a local banking system was "recapitalising at least one of our major banks and breaking it up into regional banks".
The Archbishop also added that he was disappointed to discover that "bankers are not nearly as bad as one hoped that they would be". "They do not come in with horns and a tail burning £50 notes to light large cigars, and involved in casino banking and arcane and complex structure projects, so much as coming in and having to admit - or showing - that what they had done was the slightly unsophisticated error … essentially was to borrow short and lend long - one classic error - and secondly they lent very, very large amounts of money to people who could not pay them back."