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Listening, early this morning to BBC's masquerade of a topical news programmed, Today, it carried a report from a bubble-brained girly "Reporter" hot from Davos.

Apparently, US bankers are deeply concerned with prospects of the UK regulating banks...................

Well, excuse me!

The UK just happens to be ( or is supposed to be!) an independent sovereign state: and not a sort of convenient adjunct to America, mainly existing to assist the USA to illegally invade other sovereign states and hold their citizens in contempt and additionally, a nice place for raping our economy, stealing our large businesses and earning zillions whilst adopting a nice tax light ex pat status.

American bankers don't enjoy the right to vote here.

Since Big Bang they have stormed the City, with Thatcher's kind assistance and backing and thanks to their insatiable greed and perfidy, single-handedly almost destroyed the World's financial and monetary systems.

And Britain's laughable economy too boot.

They have destroyed pension funds and investment value in their own singular pursuit of ill-gotten gain.

To me, this demonstrates loud and clear banker's mindset and intent: as well as showing without doubt how little regard they have for the little guys who created the infrastructure which they are now raping.

Us, in other words.

:angry:

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Once one small subset of society consolidates the power to lend at interest to everyone else the essential means of exchange, then the power of that privileged monority will grow inexorably.

This will happen at both national and international levels.

Why don't we have our own publicly issued, debt-free, persistently circulating means of exchange, and transform commercial banking into a genuinely competitive service industry that looks after and facilitates transactions in our money?

It is absurd that our 'money' should exist merely as ephemeral entries on the balance sheets of commercial banks.

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Interesting. The sooner we get shut of them the better. There will of course always be room for a sensibly sized and regulated banking industry, including investment banking. But we don't need an overblown sector that is unbalancing the economy.

Anecdotally, I've got two mates who have recently moved to working in the financial sector in London, on IT projects. One is in high frequency trading. the other is working in derivatives. Already talking about bonuses that equal their annual salary again. From small software houses in the provinces where they were on £40k and nowehere near the most talented to earning £75k with a £75k bonus promised. From what I can gather the main requirements are to turn up on time and then to do exactly what you are told. The actual work is easier than what they did before. It's a real eye opener and you can't really blame people for moving into that kind of work for the rewards but it illustrates the disproportionate rewards available in that sector, even at the bottom rungs of the ladder.

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Once one small subset of society consolidates the power to lend at interest to everyone else the essential means of exchange, then the power of that privileged monority will grow inexorably.

This will happen at both national and international levels.

Why don't we have our own publicly issued, debt-free, persistently circulating means of exchange, and transform commercial banking into a genuinely competitive service industry that looks after and facilitates transactions in our money?

It is absurd that our 'money' should exist merely as ephemeral entries on the balance sheets of commercial banks.

Indeed.

Until and unless the citizens take back control over money, rather than cede this power to on the one hand, venal bankers and on the other, governments who use money supply as their own piggy bank, then the average person is squashed between two juggernauts.

IMHO Northern Rock and RBS ought to have been privatised, immediately they hit troubles: turned into national banks, who served the normal old-style purpose of banks, including distribution of new money; savings; mortgages; small personal loans; operating Average Joe's current account and payments; business funding, loans BDLs, Overdrafts; etc.

And stayed right away from wheeling and dealing, blind speculation and etc.

Imagine: if the vast sums of cash from Merv the Swerve's Fiscal Stimuli; bank bail-outs and more critically, QE had have been vested in these national banks, with the clear and unequivocal order to lend to small to medium sized businesses; and NO BONUSES, then the UK economy might have by now been a tad more robust.

'Cos inescapably circa 50% of Private Sector GDP and 47% employment emanates from SMEs: and this group are presently starved of funds, not only cannot employ more, they are laying workers off. Worse, they are unable to find the working capital to fund new contracts.

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It's a real eye opener and you can't really blame people for moving into that kind of work for the rewards but it illustrates the disproportionate rewards available in that sector, even at the bottom rungs of the ladder.

Which raises the questions of why banking is so disproportionately profitable and politically powerful.

It is an intrinsically unproductive activity whose primary function should be to facilitate investment in and trade between genuine wealth creators.

Could it be something to do with the banks exclusively supplying to us our essential means of exchange, at interest?

Do we really need to give them this enormous power?

Why don't we supply collectively our own persistently circulating money tokens, debt-free?

Edited by The Spaniard

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....

Do we really need to give them this enormous power?

...

You don't need to, but people keep voting for them to have it. Either JP Morgan's henchman or the present government who actually own the banks :D:D

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  • 309 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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