Occupy Norwich are to have a discussion on reform of our monetary system on Wednesday 9th November at 6.15pm at their camp on The Haymarket. All are welcome, and everyone will get a chance to have their voice heard.
The discussion will be led by Dr. Rupert Read, UEA-based philosopher of economics, who will describe how the creation of 97 % of our money by the banks leads to governments, individuals and businesses becoming more and more indebted. When the debts can no longer be repaid the banks demand a bailout from the taxpayers, and cuts have to be made in pensions, benefits and public services, as happened when the world economy nearly collapsed three years ago.Occupy Norwich are inviting everyone to come along and debate the solutions.
Rupert Read said 'The bailout of the banks three years ago did not result in reform of the banking system, which is due to collapse again, as the recent problems in the Euro-zone have clearly demonstrated. We need reform urgently, before the system crashes again. This reform should start with the genuine nationalisation of the banks which the British taxpayer currently owns, which, quite wrongly, are still paying out massive bonuses, at present.'
I'm only sorry I can't be there but this week's schedule is somewhat complicated.
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News from the banks inside ?
“First there are the more legitimate skim sources – interest payments, management fees, IPO fees, M&A fees, trade commissions. Then there are the less legitimate bank sources: penalty credit card interest rates, late fees, usage fees, over-the-limit fees, late payment fees, bounced check fees, low balance fees. And the capital markets sources – front-running, insider trading, account churning, manipulation of the news cycle, the captive analyst “ratings game”, trading against your own client’s order book, forex trades which are marked at the day high or low irrespective of when the trade took place, market manipulations at options expiration, stuffing your managed client accounts full of dubious IPOs and new issues that your organization is earning fees from originating. Bucket shops and ponzi schemes take it even a step further – no actual financial activity takes place. Its simply robbery. And now we add the new stuff: credit default swaps without margin, fraudulent loan origination, sliced & diced mortgages, mark to myth accounting, foreclosure halts to avoid realizing losses, extend & pretend, quote stuffing, HFT trading activity that boils down to denial of service attacks on exchange computers causing delays in pricing information, highly complex derivatives sold to unsuspecting but optimistic public servants, too big to fail status providing cheap backup in the event of trouble, and increased organizational size that facilitate cartel-like control over government and regulators. But if that’s not enough, there is the structure itself: they aren’t doing this with saved capital, but rather with freshly printed and/or borrowed capital. Its all done with 12:1 leverage at a minimum… And if the bet goes bad, the Fed will ride to the rescue with low-cost money. But usually the bet goes well, because ordinarily the number of sources of fraud today is so HUGE, its practically impossible not to succeed”
http://www.zerohedge.com/news/guest-post-financial-cancer-our-financial-system-intrinsically-fraudulent-and-unstable
No wonder things are going from bad to much worse, except for the banks.
@JohnM. Missing is the main source of bank’s unearned income: rent. Lax credit always feeds into landed property, inflating land values. The banks have been receiving massively increased interest payments on property loans. And because they hold the landed property as collateral they don’t even have to worry too much about default, unless, of course, they have a high proportion of c100% loans on their books.