Questioned about financial results from big banks last week suggesting there has already been some return to boom times in investment banking, [Mervyn] King said: "I sincerely hope they don't think it's business as usual."
He insisted that in the long run a structure needed to exist whereby banks could not make risky trades on the back of a "taxpayer guarantee".
Isn't that just about as close to saying "let's split up banking in the UK" as the Governor of the Bank of England can go without saying "For heaven's sake Alastair, just do it"?
Maybe he'll have to be as unsubtle as that.
Someone has to be. Because it has to happen.