The actually cost of sustaining the current financial system.

Chris Menon interview with Prof Steve Keen

Q. Much of the reforms that you recommend are predicated on reform of the banking sector, cutting the banking sector down to size. How realistic is that given the nexus between the political class and the banks….?

Professor Steve Keen

 A. “We have to break that political nexus, it’s false, because the reality is, finance is a cost of doing business; it’s not a profit centre. Finance of course has to make a profit in its own right to be viable; you need a financially successful profitable banking sector. But you don’t need one that’s 30 and 40% of the profits of the economy, because at that level it’s actually syphoning off money being generated in the real production, of the industrial sector, the agricultural sector and the mineral sectors. Ultimately the financial sector should be the servant of the rest of the economy not the master. But at the moment it’s the master of not just the economy but of the politicians as well. So to break the nexus, we need a complete political shift…..“

                                       Professor Steve Keen

 

Professor Steve Keen on why the recovery is doomed

(10 min)

Click Here

 

Share Button

Please visit the 'SPREAD THE WORD' section on our website. Everyone need to know, banking can be different and better.


-----------------------------------------

Alex Templeton speaking at ECOBATE - UK - 2013

Councils should "bring local banks into being" so they can become "powerful partners" and promote economic, social and environmental benefits to their communities.

Published on Mar 21, 2013 Speaking at the 2nd European Conference on Banking and the Economy (ECOBATE) in Winchester, Alex Templeton, Director of the Farm Energy Project, explains how a disfunctional financial system has made it harder to lend to small businesses which in turn impacts communities.

Leave a Reply

Your email address will not be published. Required fields are marked *

Unable to load the Are You a Human PlayThru™. Please contact the site owner to report the problem.

Tag Cloud

Bail-in Problem

Recent Post

Meta

Your Funds in Your Public Bank Working for YOU! All information on this website is for information and educational purposes.