Source: www.bbc.com

“But global financial integration means that attempts to rein in one part of the credit-creation industry is like squeezing an enormous blancmange – it causes a great bulge elsewhere, in this case in asset management (and what is often described as shadow banking).

Banks do not have the unique privilege and power to foment devastating cycles of boom and bust in markets and economies.

The next crisis, which may be nearer than we think, may well be triggered by over-mighty asset managers.”