Submitted on Sunday 19th February 2017
Published on Monday 6th March 2017
Current status: Closed
Closed: Tuesday 2nd May 2017
Signatures: 291
Tagged with
Pass full-scale Glass-Steagall to break up The City’s Too-Big-To-Fail Banks!
The IMF, the BIS and many financial experts are warning of a new global financial crash far worse than 2008, which will be caused by the same forces: the unbridled speculation in derivatives, and outright criminal activity, of City of London and Wall Street megabanks.
The USA's 1933 Glass-Steagall Act strictly separated deposit-taking commercial banks from speculative "investment banking", which had caused the Great Depression. Its repeal in 1999, on top of London’s 1986 Big Bang deregulation, led to the formation of Too-Big-To-Fail banks. Glass-Steagall is non-partisan: 445 UK MPs and Lords from all parties voted for it in 2013. The “ring-fence” legislated instead allows TBTF banks to continue the risky mingling of investment and commercial banking.
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