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Financial regulation

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Daniel Hannan addresses the European Parliament plenary session in Strasbourg on 12th September 2013.
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Text Comments (18)
crabshank3 (5 years ago)
I'm still not sure whether UKIP is against fractional reserve banking
TheGeekySkeptic (5 years ago)
That final argument is only partially true. Give people more responsibility and they behave more responsibly? Giving someone a gun will not make him behave more responsibly. The United States are a prime example of that.
Dexter Haven (5 years ago)
Yes, that simple logic is lost on the paternalistic socialist apparatchik. Incentives count most. Also, if you pay people to act poor, you get more poor people.
arealbladeofgrass (5 years ago)
UK doesn't have any rights when a person can't get legal aid. The UK has Socialism for the rich and austerity for the poor. BTW, I am not an apologist for the EU but neither do I advocate for the anti-EU sentiments that will only benefit the UK financial sector and their Tory, Labour, LibDEm and UKIP cronies and leave the working man without any human rights on the streets in the cold.
Freefallfelixrulz (5 years ago)
Yeah, like HSBC and Barclays. They deserve to be screwed with because some of their competitors took government money. It's not about the specific case of the banks, it's about the general principle of who decides what the private sector pays its workers. Whether you believe it should be regulated or not, surely the EU is not the body to do it. Particularly when so much of the EU's banking falls in 1 member state (the UK). It's not the EU's job to do this, so we'll fight to keep the UK's rights.
arealbladeofgrass (5 years ago)
Banks are not free enterprises. They are government subsidised benefit scroungers of the most heinous sort with access to 0% interest loans and you sir are stuck in some other dimension if you believe that a free market actually exists. George Osborne has no right using tax payer's money to protect the bonuses of these parasites.
Freefallfelixrulz (5 years ago)
The EU has no business deciding what private businesses should pay their workers. It doesn't matter if it's bankers or footballers or tea ladies, it's nothing to do with free trade and so the government are quite right to defend the rights of their citizens. That's the thing that the Eurocrats have forgotten. Rights apply to everyone, even if you don't like them. We will defend the rights of banks to decide their own pay because in so doing we are defending free enterprise of all kinds.
Freefallfelixrulz (5 years ago)
The last time was when Gordon Brown visited the parliament. It caused such a stir that they only allow him a minute at a time now.
Cato the Younger (5 years ago)
Thats an interesting point
farmcountry (5 years ago)
I agree. Glass-Steagall should be reinstated. My general concern with the "more regulation crowd" is they often want govt regulation of any kind. Dodd-Frank is a classic example of ineffective regulation that adds cost, hinders business, but provides marginal benefit.
Pwecko (5 years ago)
One minute is all you get in the EP, unless you are a leader of a group. This is a deliberate move to stile debate. You cannot possibly make a reasoned argument in one minute. Mr Hannan is right. One way to make sure that people acted responsibly would be to get rid of limited liability companies - including banks.
Gladius (5 years ago)
We have a highly regulated financial sector that gets bailed out by the taxpayer when it fails and yet people still blame this on capitalism... madness.
aidanjt (5 years ago)
Indeed, it's also a problem of *bad* regulation being in place. For instance the Glass-Steagall Act kept investment and commercial banking separated in the US. It was a good idea, and repealing it was a terrible idea. It was one of the contributing factors to banks growing to be too big to be allowed to fail, as well as enabling other morally hazardous behaviours, like risky high street-backed bets on property speculation and the sale of fraudulent sub-prime financial products.
farmcountry (5 years ago)
Regulations exist in abundance, but THEY ARE NOT ENFORCED against the criminal banking cartel. Bought politicians and captured regulators are willing accomplices to the cartel.
arealbladeofgrass (5 years ago)
So jail some bankers. Instead the Conservative party, of which Dan is a member, is using British tax-payers money to hire an army of 1000 euro an hour lawyers to protect banker's bonuses against a EU cap. How can this guy Dan associate himself with the likes of Gorge Osborne and all the rest of the creeps in the Tory party?
delatroy (5 years ago)
Spot on as usual Daniel though evidence doesn't change people's minds.
GlennJericho (5 years ago)
When is the EU going to let Daniel Hannan give an actual speech instead of a one-minute teaser? **crickets**
TrueBag PipeRock (5 years ago)
great analysis!!!!

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