http://www.bbc.co.uk/blogs/thereport...capitalism.pdf
Should be a good read. He tells us how we got here, readers of this thread probably already know.
It's his words in the final paragraphs that we need to deal with. The fact is, unaccountable bureaucrats have been working very hard. New legislation has been written, re-written, to be wrapped up into an EU directive and sanctioned by our own local council (sorry, Government). BASEL II. find one elected politician that knows what this is. It is an accord written by bankers, for bankers, to benefit bankers, and passed into law. That's what happened with BASEL I. And because no one knew what it really meant, no one could effectively enforce the rules. These accords stipulate how the banking system should work, what reserves banks should hold AND what type of reserve or instrument is acceptable.
Google BASEL II and ask your MP what he or she knows about it, after all they will be voting for it sometime in the future.
Ta