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Politics : Politics for Pros- moderated
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To: jlallen who wrote (272319)10/3/2008 10:19:40 PM
From: TimF  Read Replies (1) of 793905
 
I don't think he's proposing raising the amount.

Its a British publication so he puts the figures in pounds, but 10000 pounds is less than $18k, while the current insured amount is $100k.

He isn't clear if there is any limit for his other idea of "gilt aggregator accounts", but those accounts would not count towards a banks reserves (they couldn't lend against them, not even one for one, let alone as part of a fractional reserve), and would be in government securities (in America they would be in treasuries), so they would already have the full faith and credit of the government even without any insurance.

The part I'm most unsure about is his apparent belief in the clear superiority of what he calls the "monarchical system", where regulators are given very broad authority to determine what they think is in the interest of the financial system, over what he calls the "written constitution system", where there are many specific requirements either in the law or in written regulations.
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