Without proper incentives we are doomed

The financial system cannot survive in anything like its present form if bankers continue to make profits and taxpayers assume the losses. Yet that is the trend, certainly in the United States with its ill-advised Paulson bailout, and increasingly in Europe too, says Robert Pringle, the editor-in-chief of Central Banking journal.

The UK package announced on 8 October amounts to a further taxpayer subsidy of the bankers.

As a result, commentators are, sadly, right to say this points to the

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