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Many countries do fine without banks

I have read Victoria White’s recent column (Opinion, Nov 21) and must say I have lived and worked in several countries where the banking systems were non-existent and can say there was little visible effect on the everyday life of the “less well-off”.

The so-called “normal people” — or “less well-off” as Ms White refers to — still lived their lives and went about their normal business. They fed, housed, educated and clothed their children.

I must therefore respectfully disagree with Ms White’s statement “the idea the less well-off would have done better had the entire banking system been allowed to fail is nothing short of puerile”.

I would suggest those involved in the so-called bank bailout will in time be acknowledged as the “Benedict Arnolds” of our society.

Michael A Moriarty




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