On 26 February 1828 Palmerston delivered a speech in favour of Catholic Emancipation. He felt that it was unseemly to relieve the "imaginary grievances" of the Dissenters from the established church while at the same time "real afflictions pressed upon the Catholics" of Great Britain.  Palmerston also supported the campaign to pass the Reform Bill to extend the franchise to more men in Britain.  One of his biographers has stated that: "Like many Pittites, now labelled tories, he was a good whig at heart".  The Roman Catholic Relief Act 1829 finally passed Parliament in 1829 when Palmerston was in the opposition.  The Great Reform Act passed Parliament in 1832.
early 13c., "apparatus for weighing," from Old French balance (12c.) "balance, scales for weighing," also in the figurative sense; from Medieval Latin bilancia , from Late Latin bilanx , from Latin (libra) bilanx "(scale) having two pans," possibly from Latin bis "twice" + lanx "dish, plate, scale of a balance." The accounting sense is from 1580s; the meaning "general harmony between parts" is from 1732; sense of "physical equipoise" is from 1660s. Balance of power in the geopolitical sense is from 1701. Many figurative uses are from Middle English image of the scales in the hands of personified Justice, Fortune, Fate, etc.; . hang in the balance (late 14c.).
A SECOND GOVERNOR - FOR FISCAL POLICY
Democracy produces mandates that require reductions in Inequalities.
The Banks are centrally directed to expand The Debt levels, to align with Democracy.
The liquidity that results drives the Wealth Indices - the unregulated Institutions usually positioned for maximum gains.
The Debt levels however remain confined within The Banks - prevented from positioning to reap the gains.
The evolution of Capital Markets has brought Asset Prices to Bank balance sheets.
The Banks essentially have to innovate to behave like The Clearing Houses - that always have sufficient Capital.
The added complications for Banks in Risk management flowing from volatile Asset Prices - is the OTC products.
Unlike The Clearinghouse Risk management of standardized instruments - Banks need to understand OTC Risks.
Banks are required to innovate to meet client needs, while simultaneously manage the enhanced risks.
By limiting the Banks from gains that the Unregulated Institutions are positioned for, Banks hands are tied.
They end up with enhanced risks, without the positioning for higher gains - then are blamed for the conundrum.
Isolation of bank balance sheets from Asset Prices volatility is no longer possible - yet the risk/reward strictures are a handicap.
Democracy moreover allows Government intervention - like President Clinton did in 1992 - to innovate to remove Inequalities.
No wonder the Debt balloon has only One way forward - the capacity for heavy lifting now nearly Zero in a ZIRP regime.
The fiscal departures that needed simultaneous with heavy lifting by Banks - have not been forthcoming.
The fiscal architecture is too delicate to allow Central Bank Governors domain - and Government just can't cope.
Trump perhaps The first President that has unequivocally promised a raft of fiscal departures.
Fiscal Policy prescriptions perhaps need a Governor professionally responsible with Democracy.
Because Central Bank Governors so far are not permitted a fiscal domain.
The author rightly points out that increasing complexity is a reality.
But the prescriptions pointing towards deregulation may not serve the Inequality Agenda that Democracy requires.
Time perhaps opportune for Fiscal Architecture to be governed professionally rather than politically.
Yet accountable to Democracy and the democratic process.