ALEX BRUMMER: Volcker 支援する in the 大砲

Updated: 21:25 BST, 22 January 2010

The Obama banking 改革（する）s, such as they are, have 刺激するd one of those little England 審議s about who on this 味方する of the 大西洋 was first to 提案する 蜂の巣ing off 'casino' banking from '公共事業（料金）／有用性' banking.

What we can definitely say is the Lib Dems' Vince Cable, 同様に as the 知事 of the Bank of England, Mervyn King, and the （ドイツなどの）首相／（大学の）学長-in-waiting George Osborne, have all been in this 領土.

New 労働, irrespective of the 決定／判定勝ち（する） of C ity 大臣 Paul Myners to を回避する to the US, has not. Its approach to the 地位，任命する-banking 危機 改革（する）s has been tame. It has 強調d 資本／首都 割合s and what turns out to be the 合法的な nightmare of 'living wills'.

大統領 Obama has fundamentally changed the 審議 about the 未来 of banking

The idea that コンビナート／複合体 banks can design structures which 許す them to place one part of the bank in 行政 - （犯罪の）一味 盗品故買者ing it from the 残り／休憩（する） - 実験（する）s even the most talented City lawyers.

The reality is that 大統領 Obama has fundamentally changed the 審議 about the 未来 of banking. It is no longer just about the new tougher 資本／首都 支配するs 存在 工夫するd in Basle but about root and 支店 改革（する）s.

All of this is a political bolt from the blue. The 単独の 国内の 関心 of the Obama White House since coming to office has been health care 改革（する）s, leaving the banks to get on with the 商売／仕事 of making money.

Tim Geithner at the 財務省 and Ben Bernanke at the 連邦の Reserve, both 専門家技術者s who were in the 前線 line during the '広大な／多数の／重要な panic' of the autumn of 2008, have been 大部分は happy to collect the returned 保釈（金）-out cheques as the banks moved into the 黒人／ボイコット.

In the 事例／患者 of AIG, the 保険会社 turned 財政上の 製品s group, Bernanke has watched the value of the central bank's 安全 almost 二塁打 in value, creating a handsome-paper 利益（をあげる）. If only our own go vernment was 得るing the same rewards in Lloyds Banking Group and the 王室の Bank of Scotland.

The 明らかな 財政上の 回復 has meant much of the 審議 over banking 改革（する） has been about turf, with the Fed 捜し出すing to 保持する its 支配する 役割 in banking 監督 and bailouts rather than cede it to the 安全s 交流 （売買）手数料，委託（する）／委員会／権限, the 連邦の Deposit 保険 会社／団体 or some new 団体／死体.

In this mix, the lanky and 高度に intelligent 人物／姿／数字 of Paul Volcker - technically Obama's 助言者 on banks - looked to be a 破産した／（警察が）手入れするd 紅潮／摘発する, marginalised by Lawrence Summers at the White House and Geithner at the 財務省.

Yet there is no other 人物／姿／数字 in American 財政／金融 with the same status as the octogenarian Volcker. In 1976 he was the main 交渉者 with the British 政府 at the time of the 国際通貨基金 貸付金, and as 大統領 Carter's 緊急 任命 to the 連邦の Reserve, he was 責任がある 鎮圧するing the 広大な／多数の／重要な インフレーション of the 1970s and 1980s.

Obama's 詳細な計画 was not just plucked out of thin 空気／公表する. It was the result of a careful 熟考する／考慮する by the Group Of Thirty, a Washingtonbased think-戦車／タンク 大部分は made up of the former 広大な／多数の／重要な and good of central banking led by Volcker.

An 80-page 報告（する）／憶測 produced by Volcker and Jacob Frenkel (former Bank of イスラエル 知事) and 解放（する）d in January 2009 called for a （疑いを）晴らす 分離 between 投資 banking activities (like lending to hedge 基金s) and normal 商業の banking.

The G30 手配中の，お尋ね者 a more 強健な 決意／決議 政権 which made it easier to の近くに 負かす／撃墜する big 財政上の 会・原則s. It also 手配中の，お尋ね者 a regulatory 政権 where the central banks have 'the 当局 and capacity' to を取り引きする 財政上の 安定-明確に, Volcker et al had little-time for the 肉親，親類d of 分裂（する） in 規則 which Alistair Darling and the 財務省 are 捜し出すing to 新たにする with their banking 改革（する）s.

It is in the nature of the American system that the White House propos es and 議会 立法者s. On banking 改革（する） there is a （疑いを）晴らす ありふれた 原因（となる） between a 大統領, after the 後退 in Massachusetts, and members of the House and 上院 who will be up for 選挙 in November.

Banks are 深く，強烈に 人気がない and 対策 to separate the 塀で囲む Street 巨人s from their 特別手当s, and the 商業の banks from their 危険 taking and 憶測 will have 普及した support.

When Mervyn King 示唆するd 類似の 改革（する）s last October Angela Knight, of the British 銀行業者s' 協会, said the '重要な 問題／発行する was not one of breaking up the banks'.

The 勢い has 意味ありげに 転換d and this was to be seen on the 株式市場 in 最新の 貿易（する）ing where Barclays - which would have most to lose from 分離 - fell 6pc, dragging the 部門 負かす／撃墜する.

The Rubicon has been crossed and the complacency of the banks has been 穴をあけるd.