I Don't Want to Have to Guarantee the Savings Gambled by Casino Bankers

Summary

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ADAIR Turner may not think it practical to separate out the utility and casino sides of modern banking ("Turner the heretic is right to fire broadside at blinkered bankers", Alf Young, The Herald, September 24). Surely, however, this is a poor argument to justify taxpayers having to continue ad infinitum to guarantee all savings.

In the modern world we have no alternative to using banks for receiving salaries and making day to day transactions. Yet many of us would not keep a penny more than absolutely necessary in any of the banks were it not for government (that is, taxpayer) guarantees that the money is safe. I have difficulty getting my head round the idea that I am having to guarantee my own savings but, even worse, that people with no savings also are guarantors. And I have no belief that regulators around the world will ever be able to control adequately the behemoth global banks.

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Extract

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I Don't Want to Have to Guarantee the Savings Gambled by Casino Bankers

In spite of all the arguments against sp...

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