The author finds himself debating whether the intelligence squared forum in London should vote to "love its Bankers", in a meeting well-stocked with the subject themselves.
The big banks seem to have come out of the financial meltdown relatively undamaged, if not stronger than ever. But could they have irretrievably lost an asset more precious than money, their consumers' trust, in the process?
The cost of credit to the financial system is now higher than it is for industrials. The financial system has become a source of autonomous risk. Why do we need it, then?
Bob Diamond, ex-Barclays chief, defends himself by saying he got a nod and a wink from the Bank of England and the Treasury, all of whom were happy to see LIBOR fixing as a "noble lie". It wasn't. The lie just shows how ignoble was the system it sought to uphold.
The resignation of the Barclays chief, if welcome, should not be allowed to obscure the need for fundamental reform. And Britain - that large hedge-fund with a small country attached - is deeper in need of it than anyone else.
Whether the ratings agencies get this or that decision right or wrong - they were probably right in the case of the European downgrades - is not the point. They have become the buck-passing agencies for weakened states. The most important public judgements of credit-worthiness ought to be made in
UK inflation at 5% is considered almost a victory by the economic managers of the nation. Yet it is a blunt instrument with strong redistributive effects. So what is a well-managed currency, and can we have an honest political discussion about it?
Sergio Bruno makes much of the recent rise in the cost of borrowing for the Italian government, blaming speculation for the disruption to public finances. But investors have every reason to be worried, and it is in our interest that they act on these worries
Roger Scruton (Unreal Estates) argues for a remoralised economy in response to Europe's debt crisis. But this is fully consistent with a strong defence of the Euro, of strong central action against speculators and of political reform and rejuvenation of Europe's institutions
Financial regulation in the wake of the credit crisis is a simpler matter than the re-moralising advocated by Roger Scruton (Unreal Estates). Simply return to the regulatory environment pre-1999 and press on with transparency in markets