“Over a period of 500 years the City has supported deregulation at every turn. The consequences of this are massive. You had fraudulent products – the cause of the crash – debt being repackaged as an asset and then being used as leverage. The assets they held and credit they generated were on a ratio of 50-1. There was no effective regulation of this, no effective oversight. They have been exposed by the bailout. They have refused more than ten years of requests from us [London Citizens UK organisation] and suddenly they agree to meet. I think they are concerned that the political parties will move to a more manufacturing, less financially-based economy.”

— Maurice Glasman, Baron Glasman

Red Pepper magazine, 22 November 2009 http://www.redpepper.org.uk/confronting-the-city/

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Maurice Glasman, Baron Glasman 49

British philosopher 1961

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In the first place, let us admit that the first ten years of the League were in a sense unnatural. The horror of war to which I have already alluded was necessarily far more vivid than it can be expected long to remain. That tremendous argument for peace, the horror of war, was a diminishing asset. Most of us, at that time, were, I think, quite well aware that unless we could get the international system into solidly effective working order in the first ten years, we were likely to have great difficulties in the succeeding period, and so it has proved.