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New world order in banking necessary after abject failure of present model

February 24, 2009
It is increasingly evident that the world needs a new banking system and that it should not bear much resemblance to the one that has failed so spectacularly. Standalone retail banks, which would do business only with people and small businesses, should be at the heart of the new system. Corporate and investment banking, which have brought us billions of pounds in toxic debt and trillions in banking bailouts, should be a separate sector.The case for the focused retail bank has never been more evident. Trust in banks is at an all-time low and the last thing that consumers want is to hear that their savings are being used for activities such as commercial property lending or high-risk securities trading. These retail banks would protect people’s savings and help consumers to achieve their aspirations by smoothing out the ups and downs of cashflows throughout their lives.

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