Banks, unlike private citizens, have the right to create almost as much money as they want out of thin air. This monopoly (which other parts of the financial industry don’t get) is why banks become too big to fail. In short, it’s the root of the instability in our economy…and that’s just the beginning of the problems it creates.
"I think it's clearly the case that UK has an economic model where every time we start growing, we tend to have a very significant house price inflation and a pile up of debt" , argues the former FSA chief Lord Adair Turner in today's BBC Radio 4 Today's program:
Press Release: Launch of the Vollgeld Initiative, Media Center Bern, Switzerland, Tuesday, 03/06/2014