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Why do we need a central bank?; Why not a "Bank of Dave?"

Why do we need a central bank?
Tim Price on July 25, 2012 - London, England

For the last two weeks here in the UK, TV stations have been running a documentary series called “Bank of Dave“, in which down-to-earth businessman Dave Fishwick attempts to establish his own bank.

The premise sounds plausible: offer depositors 5% interest (as opposed to zero), and lend to credible small businesses that are otherwise ignored by the majors.

But as the irrepressible Dave soon discovers, getting a new banking licence in the UK isn’t easy.

‘Bank of Dave’ has obviously been, albeit inadvertently, deliciously well-timed, arriving on television and computer screens accompanied by increasingly shrill coverage of interest rate rigging in the LIBOR manipulation scandal.
More at:
http://www.sovereignman.com/finance/why-do-we-need-a-central...
http://www.zerohedge.com/news/man-tries-start-his-own-bank-f...



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