ESSENTIAL reading for anyone hoping to clearly see the major - TopicsExpress



          

ESSENTIAL reading for anyone hoping to clearly see the major philosophical and policy debates we should be having. Well written, clear and provocative. "Recent work at the Bank of England shows that, for the twenty-eight banks around the world deemed “systemically important financial institutions” (and therefore too big to fail), the ability to borrow more cheaply because of their governments’ implicit guarantee currently increases the banks’ annual profits by some $500 billion. But that is substantially larger than these banks’ combined profit. If the profit they “earn” comes solely from a subsidy attributable to the government’s guarantee, who is entitled to keep it—the banks’ shareowners or the taxpayers?"
Posted on: Mon, 05 Aug 2013 15:40:00 +0000

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