Your country needs you Mr King

Yesterday, for the first time, Mervyn King blamed the bankers for the coalition’s spending cuts. He went on to add:

“The price of this financial crisis is being borne by people who absolutely did not cause it,” he said. “Now is the period when the cost is being paid, I’m surprised that the degree of public anger has not been greater than it has.”

Well Mervyn, thanks for your honesty, I’m sure those who’ve been made unemployed and the people whose businesses have been bankrupted are feeling much better now. I wouldn’t bet on them not expressing their anger a little more vociferously in the coming months though.

I’m sure you’re aware that there’s a deep sense of betrayal in the country. Financial crooks in the square mile and elsewhere have ruined the lives of so many people – and brought down the world economy. There’s a feeling that more is being done to protect these criminals – and criminals is what they are – than to prosecute them. Is anything going to be done to fundamentally reform the decriminalised enviornment they inhabit? Is their high profit, low accountability world ever going to change?  How much faith should we have that the so-called ‘Independent’ Commission on Banking will come up with the right reforms – and will their recommendations be acted upon?

I know you have a sensitivity about being politically impartial, but both you and Adair Turner seem to have a handle on what really needs to happen if we are not to find ourselves in a very similar crisis again very soon. Are you prepared to put your head above the parapet and say what needs to be said about banking reform, rergardless of the personal consequences?

At a time when our simple, feckless politicians are being feted and lobbied to death by the banks to ensure that any tough regulations that are proposed are neutered at birth, they need sane voices to guide them and to speak out. Is yours one of them? I hope so.

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