• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

The UK Is Preparing To Return To "Glass-Steagall"

Tyler Durden's picture




 
0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 06/16/2011 - 18:23 | 1376001 alien-IQ
alien-IQ's picture

...the plot thickens...

Thu, 06/16/2011 - 18:51 | 1376077 jesus_quintana
jesus_quintana's picture

Don't get too excited Tyler, he's a (lying bastard) Tory. Whatever gets passed will be worthless and certainly won't inconvenience the banks.

Thu, 06/16/2011 - 20:01 | 1376218 malikai
malikai's picture

Well he's certainly talking hard.

He meant business with the whole cutting spending thing. Broke the backs of the LibDems at it. But who knows.. This is my first Tory experience.

Fri, 06/17/2011 - 11:20 | 1377642 bernorange
bernorange's picture

Marcy Kaptur has sponsored H.R. 1489: Return to Prudent Banking Act of 2011 which would reinstate Glass-Steagal here in the USA:

http://www.govtrack.us/congress/bill.xpd?bill=h112-1489

16 co-sponsors as of the moment.  Call your rep and ask them if they are going to support it.

Thu, 06/16/2011 - 19:07 | 1376103 Silvarouvres
Silvarouvres's picture

More of a Volcker rule than Glass-Steagall I'm afraid. Final details yet to be published but wording like "invisible walls within banks" does not get me too excited. Neither is the British press: http://www.guardian.co.uk/commentisfree/2011/jun/16/editorial-osborne-sp...

Fri, 06/17/2011 - 03:24 | 1376843 sub Z
sub Z's picture

lulz... the Volcker rule also skips right over the source of the problem, the shadow banking system

Thu, 06/16/2011 - 19:10 | 1376107 Silvarouvres
Silvarouvres's picture

dupe

Thu, 06/16/2011 - 20:50 | 1376305 The Feds Connection
The Feds Connection's picture

Why? Its still fractional/fiat based currency amirite?

Thu, 06/16/2011 - 18:20 | 1376002 agrotera
agrotera's picture

(deep sigh of relief!) Bravo!!!!! 

 

Have to hope against all odds...but i agree with the fact that with our banana republic Gotham city type government, we have entrenched corruption...but maybe Batman(Donald Trump) will save us!!!!!

Thu, 06/16/2011 - 23:09 | 1376585 Alienated Serf
Alienated Serf's picture

do not get too excited about anything getting better.  could be nothing but a show.

yet as a person who witnessed the BOE crush the FSA (in detail), i am shocked.  this is really out of left field.

tyler, me thinks you have not paid enough attention to the SNB.  when the mushroom cloud clears, all will be shocked at the schemes of the SNB.

beware the gnomes of zurich.

 

Thu, 06/16/2011 - 18:24 | 1376004 theopco
theopco's picture

Good onion article.

Thu, 06/16/2011 - 18:25 | 1376005 XenoFrog
XenoFrog's picture

If it really happens, suddenly I feel the urge to move to England.

Thu, 06/16/2011 - 18:34 | 1376033 ping
ping's picture

I've got a spare room here. Ignore the holes in the ceiling. They're nothing.

Thu, 06/16/2011 - 18:30 | 1376006 jo6pac
jo6pac's picture

In Amerika it will be business as usual until they have stolen the last pennie.

Everything is on schedule, please move along

Thu, 06/16/2011 - 19:45 | 1376176 Arius
Arius's picture

the tide is turning...watch below...

http://www.youtube.com/watch?v=0heL2Czeraw

Thu, 06/16/2011 - 21:01 | 1376329 agrotera
agrotera's picture

Thank you for this beautiful song!  I do believe she is right!!!

Thu, 06/16/2011 - 18:30 | 1376007 cougar_w
cougar_w's picture

Buying time.

The banks will allow this.They'll sit back and do nothing. "Yes it may be time for some controls" they'll maybe say.

And the instant everyone's attention has moved to the next show in the moving Bread+Circus they'll proceed to do exactly as they please.

Quickly, while they are weak, kill them all.

 

Thu, 06/16/2011 - 19:17 | 1376138 Milestones
Milestones's picture

Imagine the sound of  two hands clapping (loudly)     Milestones

Thu, 06/16/2011 - 20:16 | 1376199 GoinFawr
GoinFawr's picture

was that an anti-koan? Like "what is the sound of one hand spanking the monkey"? (j/k, for most of us that is a rhetorical question)

Fri, 06/17/2011 - 03:58 | 1376858 Reptil
Reptil's picture

This summer, early august. No one is watching, no one is waiting for a descision. JUST LIKE LAST YEAR.

 

Thu, 06/16/2011 - 18:26 | 1376008 SteveBob
SteveBob's picture

George Osborne was an attendee at Bildeberg in Switzerland the prior week.  Is he doing their bidding or is he fighting against the cartel?

Which is it...

Thu, 06/16/2011 - 18:56 | 1376082 Vic Vinegar
Vic Vinegar's picture

He's doing their bidding.  Not that their bidding is totally opposed to the sheeple's way of life.  It's just 95% opposed to such.

Thu, 06/16/2011 - 20:13 | 1376239 GoinFawr
Thu, 06/16/2011 - 21:40 | 1376391 Yen Cross
Yen Cross's picture

 +1

Thu, 06/16/2011 - 18:31 | 1376011 PaperBear
PaperBear's picture

Osborne attended last week's Bilderberg meeting of the oligarchy in St Moritz, Switzerland so why should anyone trust him ?

Thu, 06/16/2011 - 23:11 | 1376592 Alienated Serf
Alienated Serf's picture

ding ding ding!!!!

yet, no one suspects the swiss

 

Thu, 06/16/2011 - 23:15 | 1376595 Alienated Serf
Alienated Serf's picture

ding ding ding!!!!


yet, no one suspects the swiss


 

Thu, 06/16/2011 - 18:28 | 1376012 swissinv
swissinv's picture

Not surprised to see GS EMEA office in Geneva or Zurich soon

Thu, 06/16/2011 - 18:28 | 1376013 HitTheFan
HitTheFan's picture

I am British.

If this comes to pass, great. Although 10 years too late. At the moment it is just talk.

Will the government actually do it though? Watch how the banks start to lobby and threaten to leave the UK.

Will we have a JFK moment?

Cameron appears genuine, appears sensible, is doing the right things.I wish him plenty of luck, we'll need it.

Thu, 06/16/2011 - 18:39 | 1376037 dick cheneys ghost
dick cheneys ghost's picture

Looking forward to june 30th with great anticipation!

Thu, 06/16/2011 - 19:02 | 1376087 OutLookingIn
OutLookingIn's picture

Agreed. TOOOOOOO LATE!!!!

Kinda like attempting to close the barn door, after everythings gone and the barn burnt down two Winter's ago!

Thu, 06/16/2011 - 19:08 | 1376121 YHC-FTSE
YHC-FTSE's picture

"Will we have a JFK moment?"

 

You don't sound British. Perhaps one of those sad people who wishes they were American. Barclays will certainly make noises again about leaving which will worry some, and so will the American banks, but it will go through. Quite frankly I don't give a shit if they leave - there are plenty of banks in the World who can take their place and they can go and screw somebody else. I've had enough of their fucking adverts on tv targeting the poorest of our nation with quick money in return for 3000% APR (No joke, not a typo). A little research reveals they are owned by AIG. 

 

This isn't Cameron's idea anyway. It's Mervyn King's. 

Thu, 06/16/2011 - 21:04 | 1376325 S.N.A.F.U.
S.N.A.F.U.'s picture

At first glance the threat you describe seems toothless/funny:  "Hey, if you don't let us screw you, rest assured we will go find someone else to screw."

Unfortunately the real threat isn't so:  "Hey Mr. Politician, if you don't take my money in return for letting me screw your constituents, I will find another politician who will -- maybe somewhere else, or maybe right here so not only don't you get the money but you lose your job too."

Fri, 06/17/2011 - 06:00 | 1376906 malikai
malikai's picture

Its not that easy in the UK. Politicians here have their campaigns paid for by the goverment. It would serve a business nothing to try and fund their own shill candidate since it is both illegal and unnecessary.

Fri, 06/17/2011 - 07:19 | 1376959 YHC-FTSE
YHC-FTSE's picture

Yep.

Thu, 06/16/2011 - 19:18 | 1376140 I_am_always_right
I_am_always_right's picture

"Cameron appears genuine, appears sensible, is doing the right things"

Are you insane. He's an idiot. An absolute puppet. He hasn't a clue what he's doing. He waffles endlessly and has no control.

Errr... that's how it's meant to be, so he's doing a great job. Silly me.

Thu, 06/16/2011 - 20:00 | 1376202 Problem Is
Problem Is's picture

HaHa once...

Thu, 06/16/2011 - 19:16 | 1376141 I_am_always_right
I_am_always_right's picture

"Cameron appears genuine, appears sensible, is doing the right things"

Are you insane. He's an idiot. An absolute puppet. He hasn't a clue what he's doing. He waffles endlessly and has no control.

Errr... ok that's how it's meant to be, so he's doing a great job. Silly me.

Thu, 06/16/2011 - 20:01 | 1376203 Problem Is
Problem Is's picture

HaHa twice...

Thu, 06/16/2011 - 19:16 | 1376142 I_am_always_right
I_am_always_right's picture

"Cameron appears genuine, appears sensible, is doing the right things"

Are you insane. He's an idiot. An absolute puppet. He hasn't a clue what he's doing. He waffles endlessly and has no control.

Errr... ok that's how it's meant to be, so he's doing a great job. Silly me.

Thu, 06/16/2011 - 19:58 | 1376200 Problem Is
Problem Is's picture

Wow, robot... a triple post...
NSA surveillance is really jacking up your internet connection...

BTW: Are you talking Pasty British Douche Cameron or
Obama Bin Lyin' with that description???

Thu, 06/16/2011 - 20:02 | 1376220 I_am_always_right
I_am_always_right's picture

Pasty British Douche Cameron

Don't know what happened exactly but the ZH server crashed whan I was posting up. When it came back up those 3 post appeared. Total disaster eh?

Thu, 06/16/2011 - 23:30 | 1376637 Problem Is
Problem Is's picture

Nah it happens all the time...

You can delete all the text on the duplicates until...

Some ass like me replies to them ;<)

Thu, 06/16/2011 - 18:30 | 1376016 The Fonz
The Fonz's picture

This shit gives me a headache.  Ok, so... is this good or bad for our market?  Man, I'd dance to the tune but the DJ is methed up. 

Thu, 06/16/2011 - 18:34 | 1376018 Yen Cross
Yen Cross's picture

 "GOOD"

Thu, 06/16/2011 - 18:32 | 1376025 The Fonz
The Fonz's picture

Damn, that was a stupid question, sorry. Up or down? Over what time frame? I have no idea how to weigh this one into my trading yet. Thank you and appologies.

Thu, 06/16/2011 - 18:31 | 1376020 monopoly
monopoly's picture

If this is true, how long before the "disease" moves to Amerika. You can bet the Giant Squid will use all its tenticles to stop this, as will the other insolvent, bankrupt banks and brokerage, C, BAC, MS, WFC, JPM. I refuse to believe that the rule of law will return to this evolving banana socialist republic.

Thu, 06/16/2011 - 18:34 | 1376034 candyman
candyman's picture

start with mark to market and no more off balance sheet would be a good start

Thu, 06/16/2011 - 19:13 | 1376127 gmrpeabody
gmrpeabody's picture

HAAAAA hahahahahahahahahahahahahahahahah

ROTFLMAO.......HAAAhahahahahahahahahah....

Sorry Candy..., I don't know what got into me.

Thu, 06/16/2011 - 20:17 | 1376189 The Profit Prophet
The Profit Prophet's picture

I'm also sorry Candy, but I have to concur with peabody.  Reinstating mark-to-market would immediately bankrupt every big bank (and Country) in the world.  And what's really laughable is that the fantasy asset values that they currently have listed on their balance sheets are leveraged 6 ways from Sunday into hundreds of trillions worth of crap OTC derivatives that are based on these fantasy values. There is literally many many times the World GDPworth of derivatives based on fantasy asset valuations....almost like fairy dust. This is the type of Greed that it took to destroy the world financial system.

T.E.I.N. everyone!  

Do NOT follow this link or you will be banned from the site!