Banking versus Democray - A new report from Positive Money

Click here for a link to the pdf file with this very timely report!

The Executive Summary opens as follows:

This report asks if power has shifted from Westminster down the river to the City of London. What we find is a banking system that has more ‘spending power’ than the democratically elected government, no accountability to the people, and massive concentration of power in the hands of a few individuals.

However, the greatest concern is that government
has surrendered one of its most important
powers—the power to create money and control
the money supply—to the private sector which has
exploited this power to blow up housing bubbles
and indirectly transfer wealth upwards and inwards,
with disastrous results. There has been no democratic
debate about this transfer of power, and no
law actively sanctions the current set-up.
As the last few years have shown, the banking
sector can have a serious negative impact on our
lives. Leaving it with such a huge and unaccountable
degree of power is no more likely to work in the
best interests of society or democracy in the future
than it has in the past.

The web site for Positive Money is as follows:

www.positivemoney.org.uk