Here’s something we very rarely see; open mention in a mainstream national newspaper (albeit the online version) of the true nature of banking; http://www.independent.co.uk/news/business/news/king-calls-for-radical-banking-reform-in-uk-1879931.html
Bankof England governor Mervyn King offers his views on current banking practices; saying among other things,”Whatever the pros and cons of various alternatives, the system that has the least going for it is the present system”. I have to disagree with him there. The present system works great for the people in charge of it, the banks themselves. It works, if it can be said to be working at all, really badly for the rest of us, denied as we are whenever it suits the banks access to our own money (that generated by our own government for our benefit), and thus denied the chance to build our own wealth. King goes on to suggest that he favours the ideas of little-known Laurence Kotlikoff, an academic who favours scrapping fractional reserve banking. I think this is the wrong way to go myself, I favour authourity-controlled infinite funding for genuine wealth-generating schemes, but the real significance of what’s being discussed here in virtual print is that fractional reserve banking and what it means are themselves being discussed openly. It isn’t overt, it’s not glaring headlines in a red-top, but it isn’t covert either. We need to see more and in-depth examination, dissection if you will, of fractional reserve banking in the media and the sooner the better. There’s an election coming up; how are the public to know which way to vote if they have no grasp one of the major issues of the day even exists?
BB