If there is a view that there should be no universal benefits for pensioners, so we stop “wasting taxpayers’ money” on the rich ones, then that is a perfectly consistent and logical position. But its main target should be the basic state pension.
Why is Europe, which likes to present itself as an opponent of speculative “Anglo-Saxon” finance, lining up with the US banking lobby? For me it fits a pattern.
The chairman of the Financial Services Authority is arguing that the banking lobby has subverted the American political system for its own narrow and short term advantage, leaving the ordinary US public dangerously exposed to the economic risk of another financial collapse.
It is said that the American system of government is so good because it was designed by geniuses to be run by idiots. Turner risks creating a system of regulation that can only be run by geniuses like him.
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