Worth 30% – 40% of the Profits of the Economy?
by the PBFI
ThePlatform.ie - Ireland's Solutions Resource.
The Actual Cost to the Economy of the Current Financial System.
Q.
Much of the reforms that you recommend are predicated on reform of the banking sector, cutting the banking sector down to size. How realistic is that given the nexus between the political class and the banks….?
A.
“We have to break that political nexus, it’s false, because the reality is, finance is a cost of doing business; it’s not a profit centre. Finance of course has to make a profit in its own right to be viable; you need a financially successful profitable banking sector.
But you don’t need one that’s 30 and 40% of the profits of the economy, because at that level it’s actually syphoning off money being generated in the real production, of the industrial sector, the agricultural sector and the mineral sectors.“
“Ultimately the financial sector should be the servant of the rest of the economy not the master. But at the moment it’s the master of not just the economy but of the politicians as well. So to break the nexus, we need a complete political shift…..“
Watch the Full Interview Here – Professor Steve Keen on why the recovery is doomed. (2014)
Slide below by Ellen Brown – Chairperson of U.S. Public Banking Institute.
Create an Economic Miracle:
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Community-Public Banks are different!
Not-for-profit Community-Public Banks take only what is necessary to maintain the banking service and what is necessary to capitalise the community bank. No obscene bonuses are paid. No securitisation or speculation. Their primary mission is to serve the community and support the prosperity of their region.
The German system comprising 1,400 Community Public Banks with thousands of branches, having 70% of the German banking market is the prime example Ireland needs to copy.
The Public Banking Forum of Ireland is an independent, voluntary group working to bring Community-Public Banking to Ireland.