TUC: Banker King oblivious to inherent structural flaws of capitalism‏

Mervyn King is only the second Bank of England Governor to address the TUC and his nervy hesitant performance in front of Congress probably reflected he is unaccustomed to such an audience. Conciliatory in apportioning blame he repeated that there is "nothing fair about the financial crisis". He added. "Your members and the businesses that employ them are entitled to be angry".

With typical Captain Mainwaring patience we were then treated to a lesson in economics as if we were a room of Private Pikes. Hindsight is an exact science but this reflection on the crisis that has ruined so many lives blamed yet again the big bad world out there.

Capital flows from poor to rich countries are a major problem that (thankfully for Merv) can only resolved by the G20 (which we all know they won't). The UK banking system now needs to be radically rehauled. Well thanks for telling us something we know - it is just a shame you failed in all your responsibilities to do anything about it earlier when it was obvious you knew of the inherent structural flaws in a sytem purely designed to foster greed.

You knew this for years Merv and it is no use now pretending you didn't. An honourable man would have resigned a long time ago.