A Stalinist Approach to Banking

The head of Bafin, the German banking regulator, boasts that his staff will become 'permanent guests' in all major banking institutions. This confirms our long-standing theory that only ever-closer control of all aspects of banking will satisfy the politicians' urge to supervise the business and make it conform to their wishes. Every rule needs interpretation which means another rule which leads to another rule and so on. As no one wants to make a mistake each decision will have to be cleared with a supervisor. At the end there will be a stalinist system of one 'commissar' standing behind each front line banker and the banking system will be completely ossified.