Lord Turner: It’s private debt that got us into this mess

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There are some good comments from Lord Adair Turner, former Chairman of the Financial Services Authority in the interview on BBC Radio 4 ‘World One” programme on  30th December 2013:

 

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Download (starts at around 34:00 min)

 

 

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  • Leon Carter

    Not just private debt but corruption by the banks themselves also played its part

  • robtherich

    But we do have a theory of how to have a growing economy and less debt!!! Positive money’s proposals, get on the blower to Lord Turner!!

  • barrydavies

    It’s Dennis Moore economics, (monty python) Steal from the poor give to the rich.

  • http://www.thinking-training.co.uk/ Dennis R Perrin

    Lord Turner says “we have not been radical enough” but does not offer a solution or mention the causes of the banking crisis. There are he says socially useless financial instruments such as credit default swops, which were created in order to bet against, and so make more money out of debt and default. So he has admitted that finance and trading is largely like a poker game, the outcome of which depends on what kind of hand you have got. The answer to this charade is to play a different game. We need a socially useful game that does not involve harming economies and currencies. Many of the financial instruments are made fiendishly complicated simply to keep the guardians of the money system in tight control and in the hands of the few.

    Part of the problem is to find a career that suits the types of education that our friends but certainly not our superiors, our friends with Lord Turner’s education need a career that is free from corruption, such as overseeing the efficacy of parliamentary debates and examining the briefs of diplomatic exchanges.

  • http://www.thinking-training.co.uk/ Dennis R Perrin

    Also, our friend Lord Turner says that because he “went through a legal process that generates hundreds and hundreds of files, and which involve confidentiality”, then names and details of irresponsible banking trading cannot be revealed because of “insufficient evidence”. So in the end, if you have enough money, the best lawyers will protect you against practically anything! Like the mafia, if you have the money, you ostensibly create front organisations allegedly, like charities and authentic businesses, to hide behind. With enough money, anything can be bought: judges, detectives, hit men etc. Trying to solve the money problem from inside the system may be like trying to melt Antarctica with a candle. It may take a completely new system outside of the current money system. There is the added problem of the legal system, the parliamentary system, democracy and education; all of which “finance” the continued control of the super rich.

  • jack loach

    Sods —–
    Law.

    July.—-
    2014.

    For almost two
    decades we have strived to get justice for the injustice we have
    suffered at the hands of a world renowned bank— PICTET & CIE.
    BANK.

    Two yorkshiremen
    both running their own small family businesses trying to resolve the
    problem by taking all the correct legal procedures to recover their
    monies.

    The matter was
    raised in Parliament – twice– the FSA investigated the matter
    concluding that PICTET had rogues operating in their London Bank —
    but the rogues had left —saying no one left to prosecute.??? —–
    so there.

    We then
    approached the Financial Ombudsman Service. (FOS) — our case was
    dealt with by seven different people —- then our numerous E-Mails
    were ignored — nobody would speak to us ——-so there.

    We then asked the
    SFO ( Serious Fraud Office.) to investigate our case —- the
    criteria of our case ticked all their boxes. — we were instructed
    not to send them

    any
    documents/evidence.—— in fact they wrote to us advising us to go
    to the Citizen’s Advice Bureau.(CAB.)

    Richard Alderman
    the SFO boss —- who responded to our letter was the same man who
    would not investigate the “ Madoff” scandal or the “Libor”
    fiasco.

    The MP’s
    committee —- said he was sloppy— and the SFO was run like “
    Fred Karno’s Circus” —– it was an office of fraud.—– so
    there.

    Our M.P.
    approached our local Chief Constable to investigate—– he was
    called—- Sir Norman Bettison— Chief Constable of West Yorkshire
    Police —- a force that made “ Dad’s Army” look like the S.A.S.
    They were inept – corrupt —malicious — from top to bottom. We
    were criminally dealt with by the Forces Solicitor—- the Head of
    the Economic Crime Unit —-and the Chief Constable —– so there.

    We were then
    advised to pass our complaint against West Yorkshire Police to the
    I.P.C.C. – which we did — they advised us to make our complaint
    to —- the West Yorkshire Police — we did with reluctance — all
    we got was abuse and obfuscation. —– so there.

    Sir Norman
    Bettison —- The Forces solicitor— and the Head of the Economic
    Crime —- have all been removed from their posts and facing criminal
    allegations.

    —— so there.

    We even sought
    justice through the Courts — culminating in a visit to the Court of
    Appeal-London.— On leaving the Courts of Appeal that day our
    barrister a “rising star” informed us — that if that was
    British Justice then you can keep it. He quit the law and moved to
    Canada —– so there.

    A few years later
    we learned that one of the judges ( Lord Justice.) in our case at the
    Court of Appeal was related to a senior executive of the Pictet Bank
    —–so there.

    The Ministry of
    Justice passed our case to Lord Myners to investigate — we would
    rather have had Mickey Mouse or Donald Duck do it. — to this day we
    don’t know

    —whether he did
    anything or not —- probably not — seeing that his wife was on the
    Pictet Prix Board.

    Pictet & Cie
    .Bank — voted private bank of the year 2013.

    Ivan Pictet —-
    Voted banker of the year 2012. —- the senior partner — lied on
    numerous occasions and had documents destroyed — also said genuine
    documents were forgeries. —– so there.

    Ivan Pictet in
    Oct. 2013 —- Given the Legion of Honour — but saying that —-
    honours were given to Hitler — Eichmann — Mussolini —Franco
    — he’s in fitting company. —-so there.

    MONTY
    RAPHAEL.Q.C. — Peters & Peters.London. They were the banks
    lawyers.

    Monty
    Raphael.Q.C. along with Ivan Pictet withheld crucial documents
    requested by the High Court —- the FSA —- and the police Fraud
    Squad. —-so there.

    Monty
    Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.

    Monty
    Raphael.Q.C. became a Master of the Bench in Nov.2012.

    An expert in
    Fraud —the Doyen of Fraud Lawyers. —– so there.

    This says a lot
    about Banks — the consensus of opinion is that they are highly paid
    “crooks” —- no wonder they voted Ivan Pictet banker of the
    year.

    It appears that
    crimes in the “establishment.” are honoured by their peers.

    “HONOURS
    AMONG THIEVES.”

    Full Story.—-
    “google or Yahoo ”

    Insert.

    Ivan
    Pictet.Banker.

    Monty
    Raphael.Q.C.

    Ivan Pictet/Monty
    Raphael.

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