- via Russel Norman I showed an economics professor of mine the Bank of England article early last year when I was discussing Alternative Banking with him. He couldnt believe that actual practice had become so divorced from earlier practices which had relied on the scarcity of capital. We live in an age of free capital. Free capital implies no need for capitalists, and no justifiable economic rents - interest, profit. We have already won, and it was the financial professionals who finally triumphed over the capitalist class. --- Why did the Bank of England suddenly admit all this? Well, one reason is because its obviously true. The Banks job is to actually run the system, and of late, the system has not been running especially well. Its possible that it decided that maintaining the fantasy-land version of economics that has proved so convenient to the rich is simply a luxury it can no longer afford. But politically, this is taking an enormous risk. Just consider what might happen if mortgage holders realised the money the bank lent them is not, really, the life savings of some thrifty pensioner, but something the bank just whisked into existence through its possession of a magic wand which we, the public, handed over to it.
Posted on: Fri, 02 Jan 2015 02:04:27 +0000
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