The Economist Asks: Is the banking system now safe? | LinkedIn

The Economist Asks: Is the banking system now safe? | LinkedIn

Positive Money . ( See Link Below )

This excellent British organisation is lobbying for banking reform. A bill was put before Parliament By Douglas Carswell MP ( Conservative, Clacton) for the Fractional reserve basis of british banking to be abolished and replaced with an Honest Money or Positive Money solution.
Getting all excited about fractional reserve banking per se is not the most grown up of responses to the issue and the Concept of float in the insurance business might well be the next issue under the microscope for the more zealous amongst us.
What is important is that private banks being able to com-modify money which is essentially underwritten by the very people who also borrow it is fundamentally unfair it manages to go beyond privatising profits and socialising profits in short from a tax payers perspective it is just plain balmy.
The corollary to the basis upon which money is created by debt is that Banks being considered to big to fail have every incentive to take ridiculous risks and are rewarding themselves at increasingly unrealistic levels into the bargain it is the most wonderfully narcissistic construct one could ever imagine.
http://www.positivemoney.org.uk/

Comments

  1. Destructive Narcisim from Wiki Pedia.

    http://en.wikipedia.org/wiki/Narcissism



    Characteristic
    Self-confidence. An unrealistic sense of superiority ("Grandiose")
    Desire for power, wealth and admiration. Pursues power at all costs, lacks normal inhibitions in its pursuit
    Relationships: Concerns limited to expressing socially appropriate response when convenient; devalues and exploits others without remorse
    Ability to follow a consistent path: Lacks Values, Easily Bored Often Changes Course
    Foundation: Traumatic childhood undercutting true sense of self-esteem and/or learning that he/she doesn't need to be considerate of others

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