I suggest a campaign about ...

reform the banks

While we suffer at the hands of the banks they are carrying on as usual as if nothink happened still getting huge bonuses investing in tar sands and coal

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    Carl HolmesCarl Holmes shared this idea  ·   ·  Flag idea as inappropriate…  ·  Admin →

    31 comments

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      • grahamgraham commented  ·   ·  Flag as inappropriate

        OK then lets reregulate the banks then eh. I dont think THAT will EVER HAPPEN!! the rich wont regulate themsells WILL THEY!!

      • John FreestoneJohn Freestone commented  ·   ·  Flag as inappropriate

        Hi Carl - I don't know, it's your campaign suggestion! (Sorry, I didn't mean to be rude, but afterwards realised that "rant" was a bit). I guess what I mean is that a suggestion will probably have more chance of getting high ranking and becoming an official 38D campaign if you're specific. "Reform the banks" - what would that entail? Are you calling for a campaign to put pressure on the current government to regulate banking practices more - if so, in what way? The wording also suggests a secondary issue on your mind, perhaps - ethical investments or environmental investments - is that what your campaign is about, regulating the banks' choices in how they invest their customers' money?

        There's another direction that occurs to me - unfortunately I've got little time to read the suggestions here and I'm new so I don't yet know how it all works, but one could suggest a campaign to sideline the banks. That puts the power in our own hands as borrowers and savers. For instance, we could organise a public Move Your Money day (I think there is one, maybe in the USA) when people move their money out of banks and into mutual societies, etc.

        Incidentally, I wonder if there's any arrangement here to allow for suggestions to merge. It seems to me there should be. When there's a very popular idea, there would often be several people making a campaign suggestion, without necessarily searching for similar ones first. This would disadvantage all of them, as other members happen to see and vote for one or other of them, and the votes end up being diluted between them. There ought to be a way for the People's Popular Front of Judea and the Judean People's Popular Front to have all their votes pooled into one (otherwise the Romans keep winning). Anyway, thanks for the great link - you really started me on a big learning curve.

      • John FreestoneJohn Freestone commented  ·   ·  Flag as inappropriate

        Yes, after a bit more research I'm coming to the conclusion that the whole mainstream conception of economics is misinformed (hence so is the stuff I get on the TV news) and that we - the people - need to start sidelining banks, lending to each other via other means (e.g. FundingCircle), investing in mutuals, ethical building societies, credit unions, etc., let banks fail and demand that they're not bailed out from our taxes. It's like a revelation to me!

        I'm not sure the brief rant underlining this campaign suggestion is very helpful though. I wonder if there are similar ones or if you can edit it to be more specific about your aims. This is probably one of the biggest issues we face right now, and it's important we get our response right to this insanely corrupt world economy and the crisis it has brought us to. With people occupying Wall Street and plans to do similar things all over the world, there's a need for people to start singing from the same song sheet.

        Cheers.

      • KevinKevin commented  ·   ·  Flag as inappropriate

        It's clear that the banks will not fund an economic recovery. They were working in the interests of their own balance sheets before the crash and they are doing exactly the same now.

        Thinking of the banks as whole organisations the two things are true: They are still paying their fat cat bonuses and they are still using their profits to do that and bolster their own balance sheets, neither of which they would be doing right now if they had not received a colossal tax payer bailout. Most if not all would now not exist as functioning businesses; unfortunately becuase of the key role they play in the economy that would have been disastrous for all of us.

        They are now clamoring for another bailout over the Europe crisis as they threaten governments through the instruments of the market they want to keep so unfettered from regulation. They hold all the cards, they want to keep them. It is wrong.

        I haven't watched the video but what is clear is that the way that banks are now allowed to operate does not work in the long term interests of the country and ordinary people. It hasn't since the City was deregulated in 1988; this mess is the result.

        Whilst they are allowed to operate in the way they currently do the banks will only 'fund an economic recovery' on their terms; that equals more taxpayer bailout and the freedom to continue to fleece us all whilst they carry on with their party.

        Before deregulation one could look at bankers as professional and measured people who had some expertise in their vital role vis a vis the rest of society. One felt that they actually exercised some expertise in lending and investment decisions. That does not seem to be the case any more. Now they are just out for all they can get. The casino culture has taken over. And they will continue to behave in the same way until governments stand up for the people they are meant to represent.

      • John FreestoneJohn Freestone commented  ·   ·  Flag as inappropriate

        Carl, how does that work? I'm about as dumb as anyone can be on economics, but I do worry that making banks pay for the lax lending policy to date and the ensuing crisis could cripple business, which seems to be cited as one of our best hopes for recovery. Business usually operates on money borrowed from banks, so if banks are given punitive or too severe restrictions, we'll stifle business. We have this schizophrenic view of bank and bankers - as rich, fat cats, as portrayed in the video, with their enormous buildings and personal bonuses - but also as failing, collapsing, or having to be bailed out. The way some people talk about it, they seem to think the national debt could be paid by individual bankers from selling their massive castles. What's going to fund economic recovery if not banks?

      • Carl HolmesCarl Holmes commented  ·   ·  Flag as inappropriate

        when you watch the animation on positive money pass it on to someone else and ask them to pass it on as well the more people see how the banks really work the chance of real reform we have

      • stevesteve commented  ·   ·  Flag as inappropriate

        wow positive money is an eye opener i will watch this again at a more convenient time very interesting

      • Carl HolmesCarl Holmes commented  ·   ·  Flag as inappropriate

        please visit the positive money website and tell everyone your thoughts
        its an eye opener

      • stevesteve commented  ·   ·  Flag as inappropriate

        we all thought that taking government control away from the bank of England was probably a good idea, so government could not manipulate the economy.
        But i do not suppose any of us even thought of the disaster that would ensue with self regulation in our banking system or virtual collapse of our economy due to the shear recklessness of the banking fraternity, or that every man women and child would be paying this back for the next two decades. .
        The bank of England's quantitative easing, was really a big con job because qualitative easing really means currency devaluation which in turn causes inflation. but look back before this fuel utility's where already rising at alarming rates and where had the fuel protesters disappeared too, we had them running rife when fuel reached £1 a litre, but silence why maybe because they knew lawful protest was now a thing of the past in England with out subversives being used to create mass disorder, or do we all believe that all disorder is created by the criminal element in our society?
        We are being conned daily by the capitalist system that now has control of our lives and the situation will not get better no matter what government does, because the true masters now are the capitalist that pay the bills of the politicians, the media is manipulated by the same capitalists and the government , we are fed on the propaganda they want us to hear, the rich will get richer while the rest of us will have to cope with declining living standards until the capitalist believe they have got wages and price set to where they want them to be.
        We will have an election i hear people saying forget it you are deluding yourself, it will not matter as long as the establishment is controlled by what they call the free market system(capitalism) we are lumbered with this system, mass protest will not work because subversives will be used to cause mass disorder so that troops can be brought in to quell the riots and more of the ordinary people criminalised or worse to control them.
        Our only hope is for the system its self to change and i, do not see this happening in my life time our system is so corrupt it protects itself by fooling us that we have a choice, do we really does our government listen to us, i do not think so they are only interested in protecting the elite in our society and keeping power for the few.

      • KevinKevin commented  ·   ·  Flag as inappropriate

        The system is broken. Globalisation has broken it. It no longer works for ordinary people only those who are able to behave as if they are in the wild west and are out to take all they can get whilst they are allowed to do it.

        Our elected representatives have failed the the people they should be representing and they appear to be about to continue to do so.

        What sort of free market business model is it to get your business into a position where is is vastly under capitalised but to continue to fund obscene rewards that are beyond the wildest dreams of the vast majority of people? That doesn't seem to stack up to me. Free market for some I'd say. Ordinary people will continue to get poorer whilst a relatively small number of indivduals are able to extract disproprotionate amounts from the economy into their own pockets with no benefit to the real economy.

        By real economy I mean what is left standing (or crumbling) when the chimera of so called 'wealth creation' by these so called financial experts vanishes overnight.

      • stevesteve commented  ·   ·  Flag as inappropriate

        as our debt in this country stands at £900 billion and as have said on many blogs we have not been told the full extent of the banking crisis yet here are some figure which are mind boggling and i quote.
        The amount the UK is shown to owe will balloon as the public sector's finances start incorporating figures for the state-backed Royal Bank of Scotland and Lloyds Banking Group.
        Their liabilities could add up to £1.5 trillion extra, a burden equivalent to around 100pc of gross domestic product (GDP), to the public sector net debt, according to the Office for National Statistics (ONS).
        That would more than double the figure for the debt, which hit £971bn – equivalent to just over 65pc of GDP, a record – in November.
        The move into 13-figure territory will intensify pressure on the Coalition to rein in the public finances and highlights the scale of the nation's intervention in the banking sector. The taxpayer owns 84pc of RBS and 41pc of Lloyds, which the ONS has classed as public corporations.
        "It really does throw into a very clear light exactly how big the intervention in the banking system was," said Philip Shaw, economist at Investec.
        and economists are predicting that by 2015 our national debt will have topped £10 trillion.
        sound like a bankrupt nation to me

      • Carl HolmesCarl Holmes commented  ·   ·  Flag as inappropriate

        we need to stop the banks power to be able to create money out of nothing
        for more visit the 'positive money' website and find out how the banks operate and sign up to support their campaign

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