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The Economic Consequences of the Vickers Commission

Laurence Kotlikoff, July 2012

The Vickers Commission was meant to put a stop to this by safeguarding ordinary retail banks from the gambling of investment banks. Laurence J. Kotlikoff shows that the Vickers proposals fail to do this. Even banks deemed ‘good’ can turn bad, since no one can predict which ‘safe’ assets will actually be safe in the future. Moreover, ‘bad’ banks are still left too big and too powerful. If they fail, they will drag ordinary banks down with them, freezing the payment system and creating a recession in the wider economy.

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