Monday, 26 January 2009

Serious Fraud

I see that Lib Dem leader Tavish Scott is calling for:
the Serious Fraud Office to launch an inquiry into a £12bn rights issue at RBS last April, which critics claimed misled investors into believing the bank was a good investment.
I fully agree with this proposal. But there's surely something else to consider.

The various foolish bankers who've lent so imprudently couldn't have done so if the extra money - around 14% last year - hadn't been created in the first place. Any investigation should consider the entire process of monetary creation. And that's something directly under the control of politicians and their lackeys.

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