Liberating ourselves from the private credit model of money creation is a necessary first step on the path to a more just, sustainable society, writes Moly Scott Cato, Professor of Green Economics at Roehampton University in an article entitled “Bankers’ Bonuses: Time to Withdraw Banks’ Licence to Print Money” in the Huffington Post, 30th April 2014
Here are few highlights:
In recent days there has been the annual universal condemnation of the greed with which bankers accept their excessive pay awards.
But to focus solely on the issue of bonuses overlooks other, even more important, questions: Where does the money come from to pay these bonuses? And who loses out when bankers claim such a vast share of the national wealth?
The answer to this is quite straightforward. A banking license is literally a license to print money and within a democratic society we can suggest that the decision to grant such a license to any corporation should be politically accountable.
Given the way that banks are presently engaging in anti-banking, i.e. refusing to lend money to small businesses and in some cases even deliberately putting them under pressure in order to gain control of their assets, we should think seriously about who we allow to hold a banking license.