I suggest a campaign about ...

Create a people's mutual bank and take our money out from the corrupt banking system

If we, the people who live, work and reside in the UK create a new, National fully mutual financial institution, those who bank with the corrupt top High Street Banks that are costing us our Tax money, while their bosses take £7BN in bonuses, they will SINK, but the British economy will survive.

Let's vote with our wallets!

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    Toni MassariToni Massari shared this idea  ·   ·  Flag idea as inappropriate…  ·  Admin →

    12 comments

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      • Iain SmartIain Smart commented  ·   ·  Flag as inappropriate

        There is a very sucessful private bank which has been operating in the US for many years and it provides support for state expenditure and for the reduction of state taxes. It is called the Bank of North Dakota. Google this or see the book, "Web of Debt" by Ellen Brown.

        The UK taxpayer already has substantial shareholdings in two banks, 39% in Lloyds and 81% in RBS. The UK taxpayer could retain the shareholdings and thereby the divinend share or buy out RBS and run it as a National Bank for the benefit of the taxpayer, just like the old Building Societies, with profits being fed back into the system instead of being siphoned off into private hands. The bank would be managed independently of the Government to create long term stability and prevent it being used as a political tool but this would at least also allow the to management to stimulate small business with suitable loans which the private banks are still failing to do.

        Any comments on this would be appreciated.

      • David BaynesDavid Baynes commented  ·   ·  Flag as inappropriate

        It's clear that the "competition model" isnt working other than, maybe, for the top executives. I have come to a view that whilst re-nationalisation is unlikely to happen, there is a very good argument for state run services in at least the major infrastructure services of the country eg road, rail, banking, power, water and welfare (in their broadest sense) services.

        I reckon that "big business" has too strong a strangle hold over most of this type of service to allow an absolute re-nationalisation but I wonder how they would respond to the offer of proper, state run services as competition - without limit.

      • John BloomJohn Bloom commented  ·   ·  Flag as inappropriate

        Essentially I agree, but why start a new bank? I have just moved my business account to the Co-op and so far so good. However there are many non bank alternatives. There are fully mutual building societies. The Nationwide is the most common but there are hundreds like the Coventry for instance. Google them. There are also credit unions which seem good but I know little about them. I have also found the Airdrie Savings Bank who did not join the TSB and is an independent bank to look after your savings. I do agree that we do need to move our money out of the big banks - if they lose market share they may listen.We cannot rely on the governments to regulate the banks for us when government advisors are from the banking sector - ex CEO of HSBC is Stephen King Osbourne's advisor. With mutuals we have a say in the running, they do not gamble our money in the immoral financial markets, and our money will be there when we need it.

        Yeah Vote with your wallets

      • Jake ClausenJake Clausen commented  ·   ·  Flag as inappropriate

        The 'Big Switch' found the Coop was also the cheapest energy provider! As and add on we could suggest that those who have switched to the coop should also switch their bank account to the coop! If they [Coop] get the Lloyds bank branches as proposed there may be a branch near you - although as far as I know the post office will do Coop Banks business for free. eg deposit and withdraw money.

      • ChrisChris commented  ·   ·  Flag as inappropriate

        Gets my vote. This is a good idea to adopt in all areas of our lives. Makes no sense to support institutions like banks printing fiat money out of nothing and bleeding us dry or corporations adding harmful chemicals to our food/drinks. I'm cutting back on consumer crap I don't need from now on - my iphone button packed up after two years which seems to be about standard but rather than throw it away and upgrade, I've ordered a replacement button and will not buy a new phone until it is beyond repair. I'm also growing my own organic produce on a very small scale but will see how it goes.

      • AnonymousAnonymous commented  ·   ·  Flag as inappropriate

        We should work with people who understand retail banking to design a range of value for money basic banking services. We then get 38 Degree members to sign up to the proposition that we invite all current players in the banking services market to provide such a set of services. If nobody gets close with their counter offer (because they will all try to negotiate) we threaten to all switch to the closest, and then see who blinks first.

      • leon Maurice-Jonesleon Maurice-Jones commented  ·   ·  Flag as inappropriate

        I think we should be looking at why we give banks billions rather that just writing off the debts. After all banks just create the money out of thin air.
        And If we are borrowing fictitious money from the banks then we can borrow it from ourselves instead, at no interest.

        Money is a privately owned product, made by the banks. We could instead have a publicly owned product designed to fit our needs instead.

      • leon Maurice-Jonesleon Maurice-Jones commented  ·   ·  Flag as inappropriate

        I think we should be looking at why we give banks billions rather that just writing off the debts. After all banks just create the money out of thin air.
        And If we are borrowing fictitious money from the banks then we can borrow it from ourselves instead, at no interest.

        Money is a privately owned product, made by the banks. We could instead have a publicly owned product designed to fit our needs instead.

      • Suella PostlesSuella Postles commented  ·   ·  Flag as inappropriate

        We moved our money to the Co-op. It has good ethical principles as well as good service. We also shop there and have taken out our insurance with them.

        How we all spend our money is as political as voting or protesting.

      • Ebony D MarshEbony D Marsh commented  ·   ·  Flag as inappropriate

        You can always bank with your local Credit Union, you can now get a current account with them and they provide a debit cards too. Do this and you aren't associated with any of the banks.

      • Andrew SherwoodAndrew Sherwood commented  ·   ·  Flag as inappropriate

        I agree, however there are already banks like this with hundreds of thousands of members with good ethical policies that have not had any exposure to the financial crisis. People should start to change to Mutuals like the Co-operative Bank or the Nationwide, or the Ecology Building Society.

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