Sunday, 6 November 2011

What would the new style banking look like?

We are faced with an economic crisis that the National government deliberately wants to play down until, they get to park their expensive shiny leather shoes under Parliaments main boardtable again. We are witnessing on the other hand a Greek tragedy, the author of this tragedy is not Euripides, Sophocles, Aristophanes or Aeschylus but Greece and the European Union.

But like all tragedies, the love story and fallout are complicated and due to a triangle with the villian perhaps, being the investment banker Goldman Sachs. It was them who convinced the rules to be bent in order to admit Greece into the European union.

Its not exactly a cuckolding or even a real betrayal but there is clearly some deception involved, in that Greece, despite not meeting the conditions of the Maastricht Treaty, (by carrying too much debt) was admitted into the EU. How does this relate to the 99% protests and the 1% tax we wish to be imposed on all banking transactions in the financial markets? The austerity measures for one.

One is the consequences of the bankrupting is that, debt is now a commodity that is being globalised. At the same time as the rich, think stupid big bummed Kim Kardashian and her 18 million dollar wedding lasting a total of ten weeks versus the growing austerity cuts in the UK and Europe. School budgets, education and hospitals are facing budget cuts of up to 40%. Does she even live on the same planet?

A new banking system must evolve as the US Treasury  and the greenback is not the only or best model. Some people will see the cashless society as a way of more equal distribution. I don't. Some people will argue for a cashless society through bartering. Some people may return to the land and self sufficiency. Others will be outraged at any call for change.

 I am only hoping for banks small and  others like Kiwibank to develop a system that offer a service and do not need to make excessive profits, but instead keeps all the money in circulation and works with individuals in communities. Fuck internet banking, it puts people out of jobs for one thing.

 Maybe it's too much to hope for now but maybe it just needs an Owen Glenn to start it. Micro banking and little loans have created work and small businesses in 3rd world countries. Lets hope we develop a better way forward than sitting around watching things crumble. No-one likes witnessing a break up.

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