The State should get the hell out of Banking – and I mean literally, in the sense that it should not even issue Monies if it holds an enforced monopoly on this activity, legitimised directly by itself. I am not going so far as to say that a State should not issue a Money at all – just that others ought to be allowed to compete.
The Free Market will discover very fast whose moneys are worth something and whose are not.
The kneejerk-Daily-Wail-three-health-scares-a-week-MSM-rag-style lynching of “bankers” for our current woes, caused as they actually are by a profligate and financially-incontinent Stalinist State, ought to be exposed for what it is: fingering an easy and conspicuous small target instead of the real culprits. Shades of Hitler and the Jews under Weimar and later, come to mind.
In the 90s and early 2000s, poor old Sir Fred Goodwin was only doing what all other “successful” (in the context of the time) bankers were doing, only more aggressively. He’s Scotch after all, so we can’t blame him for his aggression in business either.
These people were responding in a logical way to what the British State Treasury was doing to its own (monopoly) money: they were “getting it away”. What would we have done in their stead? Inside the only system they knew, they were trying to turn worthless paper into (at least some) performing assets.