Will all phone calls and offices of the regulators be recorded?
Will regulators be sacked for failing?
Will banks lose their licence, for failing to obey the rules?
Will we have many small, unlimited banks, all partnerships?
How will they address the OPM problem?
Banks without licences are also capable of being chain letters or pyramid schemes or Ponzi schemes. The purpose of regulation is to ensure that the amount of funds lost is nil. When licenced, these become banks and are regulated, and are automatically too big ever to be punished. Remember that the Revenue Commissioners decided that the DPP should not proceed with any prosecution of a well known bank for their widely publicised tax evasion schemes sold to their clients. A bank has to launder funds for mass murderers before it will be sanctioned……
Banks that do their job well, will find that they are running out of capital for lending and they will approach the wholsale market for short term funds in order to lend long…. Then when they have enabled any and all to have borrowed, the economy collapses!
But no one will have broken any rules if it is properly regulated….. The problem is not actually the lack of regulation, it is the purpose of banks: lending is bad for the economy! If an activity is good business, it generates its own cash flow and allows natural expansion. Otherwise you buy a bank manager and lever yourself into bankruptcy!