Power to the People ? Could be....

Is Bank of Israel chief Stanley Fischer reading our blog? 

I doubt it but he has come out in favor of one of our pet peeves that we wrote about a few days ago.

Apparantly the committee dealing with the overly centralized economy will reccomend that banks not necessarily need a "core shareholder" -  a"garin shlita"  - something we said : 

goes to the heart of socialism itself – a distrust of “the people”.  Instead of distributing shares to the citizens of the country the politicians and bureaucrats were convinced that only centralized leadership of the companies in the form of a core, main investor could assure the smooth running of the company.

 In today's The Marker  (sorry Hebrew only) Fischer is quoted as saying that if certain proposed laws pass the Knesset, then "we will feel comfortable if banks and insurance companies do not have a core investor".  

If passed this would be a big step for Israel.    This would not only limit major conflicts of interest, this would be a major "thought" change for Israeli bureaucrats - one small step away from mindset of serfdom.