februari 7, 2010

Richard Werner

Filed under: Uncategorized — standelion @ 19:03

Det är inte så att det inte finns sätt att undvika den ständiga cirkusen med bankkriser, det är bara det att lösningar som hade varit i majoritetens intresse inte tillåts av den lilla privilegierade grupp som äger det finansiella systemet och som kontrollerar medierna. Från en ny artikel av Richard Werner:

U.S. President Barack Obama’s proposed government restrictions on bank speculation are a step in the right direction. But they are like opening an umbrella, when the roof needs fixing.

These restrictions have little if anything to do with the causes of banking crises. They do nothing about banks’ dangerous involvement in speculative finance. With such new rules, there will be just as many banking crises in the future as in the recent past (over 100 in the past 30 years).

If we also want to prevent banking crises, something else will need to get banned, namely the activity that was the main cause of the banking crisis.

If one was serious about preventing bubbles, banking crises and indebting tax payers further, one would not stop at banning banks’ proprietary speculative investments, but simply ban all bank credit creation for unproductive use, which includes all bank credit for financial transactions. Let the speculators speculate, and ideally without charging a tax that will fund unhealthy bureaucracies, but prevent them from gaining access to the public privilege to create money, and let them try to raise the money in the oh-so-efficient capital markets. With this simple rule to bank banks’ credit for financial transactions, there won’t be asset boom/bust cycles, speculators and bankers would have lower bonuses, risk in financial markets would be reduced, and, most importantly, there won’t be any more banking crises. For it is the creation of credit for use in transactions that are unproductive and do not contribute to GDP (financial transactions) that creates asset bubbles and banking crises.

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