Thursday, January 31, 2013

Banking Scandals - Cash may Restore Honesty

It is good to at last see that the crisis in the world's oldest bank, Monte dal Paschi in Milan, is at last receiving some coverage in the UK press, albeit so far mainly from the ever alert Ambrose Evans-Pritchard of the Telegraph, read here.

I have been tweeting on the developing situation which has now moved to Rome and the tax implications of a property deal, although the Reuters report linked here, is worryingly brief.

The head of the ECB has already returned to Italy once on this matter, as he headed the Bank of Italy when some of the doubtful transactions were arranged. 

Where this story will lead, none may guess; for all the banks are now so interconnected, AND it appears from other UK news headlines of this morning, all so equally driven by greed and willingness to contemplate doubtful practices, few if any seem fit to survive!

Electronic transfers and the fake currency of the Euro may eventually necessitate a short term and temporary return to a cash society, before a trustworthy and reliable banking system can be restored in the West!


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