“Making a speech on economics is a lot like pissing down your leg - it seems hot to you, but it never does to anyone else”Thanks to LBJ (who died on the day I was born) for that insight.
Today’s hot trickle of piss in the UK is on the subject of free banking. Unlike everywhere else on earth, Brits pay no charges for running a current account (or checking account, for our North American readers).
The banks, meanwhile, make piles of cash by screwing feckless borrowers with (admittedly outrageous) charges for writing them threatening letters that they didn’t want in the first place.
So the deal is: stay in credit, and your banking’s free; cross the line, and we’ll nail your fiscal arse to the wall.
Sounds good to me: the nation’s debt-ridden underclass is subsidising my free banking.
However, the generally rather well-off Guardianista classes are moaning like hell that it’s unfair. But nothing like as much as they’ll moan when their bank starts to charge them £20 a month in ‘service charges’ and £1 per cheque, cash withdrawal and card transaction. Then, my friends, then you’ll understand that regressive taxes on the unfortunate are a fine thing.
Quote of the week from The Apprentice:
"Hmm, so you're saying that this work is the story of the ocean and the life within?... Would you be happy if a fish restaurant bought it?"
Personally, I wouldn't hire any of them. But then I'm not an employer, so it doesn't matter.
Finally, why not build your own banner? (although I'm struggling to understand what half of them mean).
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