Great article but what are the chances of Cameron and Osbourne doing this? Cameron's father was a financier. The Conservatives are inextricably linked to the City of London (which is only partially controlled by the UK government fact fans).

This doesn't have to be an issue to divide left and right. Plenty of businesses went to the wall thanks to the banks. It's about responsibility.

I think this is quite helpful advice. The banks are being told "don't buy debt in your own governments, we are planning on spending ourselves into bankruptcy".

Great plan. Now remind me who is supposed to be buying the massive amounts of new government debt we are issuing every month?

this started so well.
but then the piece just became anti bank/classist; "to break loose from the chains of financial injustice and untie the cords that yoke the taxpayers of Europe to the interests of a financial elite"
look, if u substitute eurozone taxpayer with german tax payer (which is the ONLY place the bailout can come from, dream on if u think the french have the cash, and the french are only waking up to that fact) then all the talk about 'taxpayers don't need bankers blah blah blah ' becomes nonsense-
The facts are that it's governments of the left (here)and right (US) in the last last 20 years that let the madness go on- they had the power to curtail these people, but they focused on keeping themselves in power- they are the clowns who need to be exposed so we don't fall for it again. You can't be upset with a banker cos he tries to make a buck out of you, it's to be expected, and that dosen't mean he's being dishonest, he's a shark in a suit for crying out loud-- it was actually a tiny corrupt few who spoilt the party, there was nothing more cynical mid 90's than a structured credit salesman and that's a fact (well maybe blair)- BUT we can't keep blaming the bankers in general, it blinds us , it's inaccurate and it takes the argument to nonsense marxian dialecticals that are totally self-defeating- the left could have had it's revolution in the last 15 years, blair had it ALL- uk was flush with money and he had the biggest majority ever in parliament- he could have chosen to remodel and bring about the 'revolution' some so crave- but he didn't, cos actually that idea is not popular, probably because it's unworkable, i don't konw nor care cos maybe one day it works when EACH SINGLE HUMAN BEING ATTAINS ENLIGHTENMENT, but till then it's a 'nasty brutish world'.. and balls if he could, would give you more of the same, beware that CLOWN. So let's be honest honest with ourselves first, then answer some quetions like - how come MANY sovereign wealth funds didn't get caught? and no matter how you say it, it's because we in the rich west were just as greedy as the bankers, we took sweeties from our politicians, and the sweeties got bigger and bigger. We were all in it together. Calls to gt 'eurozone taxpayers' not to bail out the 'elite' =do me a favour, u think the greeks are bailing out the banks??
when u say this
"If the Eurozone were to throw off the ties that subordinate it's prosperity to a small financial elite, it would feel the full force of the banking sector's anger through its friends in the media, academia and politics. But very soon, Europeans would come to understand that the alternative was very much better than subjugation to a small, arrogant and morally bankrupt elite. "
it just shows u don't get it-i'm sure Cameron would love too dismantle the anachronism that is Whitehall, cos they're just another load of vested intersts- but I don't see you attacking them, and they were instrumental in the downfall of this country in the last 15 years- how? hehe, well who do u think Brown went to when he and Blair had another one of their spats? he signed the cheques remember, so he held power as well...
So yes we shoudn't be fooled, but neither should u- the banking system is a means- it got abused, and the failure lay in corporate governance, so address that. It's not so complex, it was just good old greed. When u call for the germans not to bail out the soveriegns and banks, remeber- they have elections, and they choose indeed not to do that- and it won't be cos they are some suposed 'euro taxpayers' uniting against some imaginary yoke Ann- that would be like when the greeks though we'd all join them riotiong in the streets cos u have to work till 52- nope, the germans will just think 'stuff this, we'll have a strong deutschmark thanks and take the risk that it impacts on our exports- after all, hasn't done us any harm in the last 40 years has it'- and then where will the revolution be left?
We shoudn't be fooled-spot on, but let's be cool headecd rather than let prejudice come into this
ps gold standard was the equivalent of the euro today? now THAT is funny

The Banks should be r-mutualised, starting with Nortern Rock, and put on a sounder footing.

Luddite, do you remember that joke?

That one about what Gordon Brown did to curb Banker's Bonuses?

Is it coming back to you?

Absolutely spot on historically sharp analysis and manifesto here from Ann Pettifor. The chances however of our government, steeped up to its armpits in private elite interests, of taking the blindest bit of notice of your ethical common sense are minimal unfortunately.

Well said Ann Pettifor

& one of the few articles where everyone seems to agree

you get my vote!

matthew fox: you are quite right, it was a fucking joke..

The trail leads back to Margaret Thatcher and the City's Big Bang. At the time many foreign banks set up offshoots of their own home banks in a deliberate ploy to avoid the restrictions imposed by their own governments. It's called globalization.
Banking, financial and criminal law are a lot less strict in London: the ideal germination environment for turbo-capitalism.
Hence the uncontrolled immigration of German and American banking.
Ever seen a banker do the 'perp' walk in the UK? In our dreams.

Non-Dom