Unworthy cause

THE real question is not whether Sir Fred Goodwin should lose his knighthood (Letters, 21 January), but why he was ever given one in the first place?

The citation reads: “For services to banking” as though banking was some worthy cause producing social benefit for all, instead of being what it actually is, just a game for rich kids to get richer by betting on the movement of financial markets they control.

Banking contributes nothing to the economy by way of added value. Its function under the last Labour government was to create money from thin air so consumer spending could create the illusion of prosperity without growth.

Malcolm Parkin

Gamekeepers Road



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