Bankers: control crunch myths quickly or face Kristallnacht

The popular narrative of the credit crunch has it thus: bankers have destroyed livelihoods with reckless under-regulated casino capitalism based on fiat money which didn’t really exist. Already sounds like orthodoxy? Certainly, it is unquestioningly embedded into mainstream news and comment. It may also be partly true but it is also full of dangerous presumptions — the banking industry needs to do more than mumble the odd apology, it needs to tackle some pernicious cankers of ideas and communicate its case.