This piece Golem and Hawkeyes comment are just the very best kind of analysis… which having been away I have only just seen…these truths need as wide as possible dissemination to counter the endless propaganda from the Banks and their armies of PR duplicators in the media and their Politician fellow travellers.

The standard BS line about how vital Banks are to the economy is key to this government’s ability to ward off real new regulation and control. I’d go so far as to call it the central plank in their NewSpeak line. Destroy that central myth in the common mind and we might actually be able to move forward.

This article would make the basis of a great short book.

(Really wonder too what someone like Ed Balls would make of it central points these days…)

It’s not a rant, Andrea. It’s a very good point, well made.

I’d like to know a bit more about Mr Peston. I’m not so sure he’s as impartial as some would like us to think.

This has been proposed previously by others. Allowing the Banksters to print money is a serious threat to our democracies, let alone our long term prospects.

Try http://www.positivemoney.org.uk

This subtracts from the UKs GDP but so what ?

It adds to the real wealth of the UK perhaps at the expense of domestic workers.

A Banker gets to drive a nice BMW 3 rather then a Vauxhall Astra and all is right with the world.

The letters of credit written in the city has distorted the entire domestic UK economy to the point of farce.
The UK is now directly linked into the Rhine /Rhur and China industrial systems….i.e. like many places on earth it is no longer a national economy to any degree.

The city has created a entire new world of slave arbitrage where the non labour real input costs are no longer important.

Its the reason why Ford transit is moving to Turkey – they don’t have all the systems in place and its further from the market etc etc but they pay 4 euro a hour.

So therefore to maintain demand in the west they must increase bank credit ratios rather then wages and maintain their skimming operations.

If I crash my car, kill a kid, end up in hosp, go to rehab, and buy a Mercedes after all that, such a safe car, I contribute significantly to GDP.

The guy who makes diminutive lovely white coffins gets an super order paid extravagantly by my insurance.. Good to go for a Great Xmas party or whatever for him.

To mention only one bizarro statistical aspect, GDP is usually quoted on a country, not a per capita (household..) basis. This makes no sense and is offensive.

E.g. per capita GDP has been sinking in France since the early 90’s at the very least, but no mention, hush hush. And even such a measure – if calculated and reported in the MSM – would not be very valuable, as it would be an average or other central trend measure, it would not inform about inequality, aka distribution into different categories.

It is all BS, smokescreens.

How much does the Banking cartel rip off -with what legitimacy- and how much does it return to the State in taxes? Then …how can that be allowed? How does that circuit contribute at all, really, on the ground?

Yeah, basic rant.

Hello Charles. Good to keep the ghost of Galbraith haunting us.
Always good to hear from you too.

‘The process by which banks create money is so simple that the mind is repelled.’
J.K. Galbraith