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(Untitled) Sep 8th 2013, 00:42, by noreply@blogger.com (Cliff Küle) Sound Money for Europe Here is an interesting essay by a member of the European Parliament Syed Kamall .. Kamall is a believer in the free market, has been pushing for 3 initiatives: no government bailouts of banks, director liability & accounting standard reforms to help out the banking sector in Europe .. he's managed to get agreement to separate wholesale banking from retail banking in the even of failure so that the savings of retail savers are not used to subsidize the trading activities of the investment arms of banks .. "In addition, supporters of the work of the Cobden Centre believe it is vital that consumers understand how the fractional reserve banking works. This means making consumers aware that when they open bank accounts, their money is not actually on deposit at the bank. I have consistently spoken in parliamentary debates on the need for banks to be much more transparent with consumers when they open accounts and to distinguish between deposit accounts, current accounts where so called savers are really lending their money to a bank and investment accounts. In time, I hope to be able to introduce amendments pushing for such transparency." LINK HERE to the essay

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