Posted on 04/22/2013 10:27:32 PM PDT by haffast
It will take "something very, very major" to get the UK out of its economic "depression", the Archbishop of Canterbury has said.
A "severe" economic crisis and "a breakdown in confidence" made for "a generational problem", the Most Rev Justin Welby said.
"Recapitalising at least one of our major banks" and breaking it up into regional banks could help, he said.
He was speaking at a Bible Society-organised event at Westminster.
The former oil executive is on Parliament's banking standards commission and his comments come days before the release of gross domestic product figures that are expected to show the economy has stalled.
Archbishop Welby said that, in the past, "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," he added.
"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."
snip
He added that, when banks became distant from the communities they served, problems were created, saying "at least part of the banking system should be local".
(Excerpt) Read more at bbc.co.uk ...
Justin Welby calls for introduction of regional banks
Ben Quinn -The Guardian, Monday 22 April 2013 18.51 EDT
"The Anglican leader said the simplest solution to recreate a local banking system was "recapitalising at least one of our major banks and breaking it up into regional banks".
He cautioned against allowing the banking system to become too concentrated in the mistaken belief that it was safer. "As a bank, you can be big and simple or small and complicated, and do well. If you get big and complicated, you become unmanageable," he said.
http://www.guardian.co.uk/uk/2013/apr/22/justin-welby-labour-regional-banks
"Too big to fail."
Wait a sec. The head (after the Queen) of the Church of England is also on the parliamentary banking commission? Isn’t there some rule about serving God and Mammon?
Countries that spit in the face of God shouldn’t expect anything positive.
The parliamentary banking commission isnt neccesarily on the bankers side, as you might tell from Welby's comments. Besides, he took a substantial pay cut when he moved from oil executive to clergyman. I think more than most he can say he gave up mammon for God.
Really? The evil prosper everywhere.
Let's hope for something a little less drastic this time.
This Archbishop has made more sense in two or three sentences than I ever read out of that old Druid Rowan Whats-his-name.
The Archbishop of Canterbury obviously cannot run the Anglican Church but he thinks he is a banking expert?
How about a major dose of free market capitalism with a major drop in tax rates.
I agree with his assessment and solution. The USA banking was best when it was local!!!!
He comes out of a successful business career and knows what he is talking about. He was named Archbishop this year replacing another who was a scholarly type - professor type.
That's crazy talk! /s
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