Given the complexity of the long term monetary issues and short term credit crisis, I was recently prompted to start a new blog that focuses on our core concerns: Money as Debt also Known as Credit.
That’s where I put our response to the Treasury Committee’s inquiry into the Banking Crisis.
However, I am reminded of the comment that I came across recently:
As so often is the way in modern politics, the only call to action on this front came from the House of Lords in 1985.
In a debate that year, Lord Beswick called for a new enquiry and was supported by many Lords including ex-governor of the Bank of England Lord O’Brien.
Lord O’Brien believed that a Royal Commission into the Financial System would be appropriate in the aftermath of the “Big Bang” deregulation of the UK financial markets which were to take place a year later in 1986. Lord O’Brien, who was the principal witness for the Bank of England (as its Chief Cashier) to the Radcliffe Committee, said: “There would be a case for another Royal Commission. In my opinion, a Select Committee of this House would be totally unsuitable.”