i assume nowadays that bankers include many faith followers, atheists etc and while long time ago jews did specialise in money facilitation, i am sure they only lent what they could afford to lose.
when i was first taught about credit i was asked if i would lend to this man approaching me in the street -- i replied probably not as i didn't know them, had no security and didn't know anyone who knew them, in short i did not know them or their history.
better we agreed, to give
the money and expect not to see it again, and perhaps be unexpectedly surprised with repayment, but above all to be prepared never to see it again...
as the centuries have passed and central banks abandoned the gold standard, there were some restrictions placed to money suppy -- mostly the printing of notes.
as nowadays cash forms less than 3% of supply, control needs to be placed on the main money supply -- which is mostly generated by unsupported or dubiously supported banking within a financial interwebbed cloud of speculation.
the purpose of this post and this campaign is to encourage public pressure for a proper redesign of our banking money suppy-- we in the west were promised such by the politicians after the recent banking scandal, but nothing has happened and indeed most practices have continued even while we are trying to sort out the aftershocks and bailouts of the recent corruption. as always the pain and demands on increased taxation has fallen on the lower paid and poorest in society..
indeed there is still archaic talk of consumption as a way out -- but i feel this is mostly because the government receives here in the uk sales tax of 20% . sure if we manufactured more here we would have more folks in employment etc and we could continue to discuss the fallibility of boom/bust economics, but this would ignore the important point of this whole campaign --> money supply.
further, the time for reform is now; too many vested interests have delayed 'change' for too long, or as was so ably noted in the R4 programme or can be gleaned from the positive money site, 'correction' to the Bank of England rules here in UK.
Money must match up in some proportion to reality. Also we all now pay for credit default factored into prices; why not only offer credit to those who can support it with track records and ability to support such credit -- then prices could be lower for many goods and services making them more available for lower incomes (many companies are willing to take credit risk because they write off their expected losses and we all pay, as they can only do this by covering the losses in their final prices)
"The conclusion to be drawn from Haldane's work is that an out of control financial sector is eating out the modern market economy from inside, just as the larvae of the spider wasp eats out the host in which it has been laid" Martin Wolf, Financial Times.
____________________________"We need to talk about banking"