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Big banks win in UK Competition inquiry

CMA Competition and Markets Authority Inquiry

The UK’s Competition and Markets Authority (CMA) has been investigating the low level of competition between banks in the UK. They released their provisional findings today, but backed away from any measures that would enable true competition. As we warned in our initial submission to the Commission, it’s an illusion to think that switching between four large and almost identical banks is true competition. We argued that there’s much greater chance of real competition if tech firms are allowed to compete with banks to provide current accounts to individuals and businesses. But the CMA’s recommendations do nothing to enable that.

Phil TI see another barrier: how would such a new startup make money to cover their costs and return a profit?...

October 2015
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How can we do better? The alternative: public money creation

our money_the alternative

A well-functioning monetary system is essential for a well-functioning economy and thereby, for the common good. The state is the agency responsible for the public interest. The responsibility for and control over the monetary system and money creation should therefore be placed with the state and not with private, profit-oriented enterprises. The logical alternative to money creation by private banks, therefore, is money creation by the state. In such a system it’s not only coins and paper money that are created by the state but also the non-cash money now created by private banks. Meaning electronic money is then created by the same agency now responsible for coins and paper money.

andrewbb@gmail.comThe answer is encouraging multiple currencies, while eliminating the possibility of fraud. PromiseLanguage is what they are seeking.It's a standard protocol that works with any currency....

October 2015

Josef Boberg”AIR TO BREATHE AND SOVEREIGN MONEY TO USE THERE IN ABUNDANCE OF !”...

October 2015
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November 2015

Earl HarperYou are just a fucking mockingbird ! @#$%#...

November 2015

KarenHudeshttp://www.kahudes.net/wp-cont...http://www.ntu.org/governmentb......

November 2015
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James MurraySMC (Sovereign Money Creation) is a major leg on the tripod of proposals upon which PM is based:See http://positivemoney.org/our-p... .The other legs are that Fractional Reserve Banking is changed (gradually?) to Full Reserve Banking...... and that the power of SMC is kept away from the politicians...

October 2015

ConallBoyleOsborne is a devious fellow, so maybe he does know it's seigniorage. He certainly has left an open goal for the Corbynistas, if only they have the sense to see it (Unlikely). Thanks for your intelligent comment! What is SMC?...

October 2015

ConallBoyleLike you (and Buiter of the BoE), I thought seigniorage was the full value of new issues. The BoE uses the 'percentage profit on total issue' as does the Banking Levy. The effect is the same but averaged over the years....

October 2015
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