Published: 23 March 2015
Authors: Pat Byrne & Tim Horvath
Intro by: TSN Editor
Today marks the public launch of an important new campaign ‘For a Democratic Public Banking Service‘ here on the TSN website and on Facebook.
Below is an outline of the thinking and issues involved in the Campaign, and the first steps to achieve its aims. TSN readers are strongly recommended to read the outline and to go over to the campaign’s Facebook page and register their support by clicking on the FB “Like” button at:
The failure of the financial system was absolutely central to the Great Economic Recession that began to hit the world in 2008. In the last thirty years the financial sector – banks, investment funds, pension schemes, insurance companies, money markets, stock and commodity exchanges and so on – has dramatically expanded its role on a national and international scale. In a process often referred to as ‘financialisation’, the finance industry in many of the richest countries now accounts for nearly half of the economy. To reach this point they have taken full advantage of the deregulation of capital controls and investment, the creation of new monetary instruments, and the development of fast computers and instant online transactions. The result has been that unimaginable amounts of money are now continuously being switched between investments, currencies and countries in a destructive chase for short-term profits. Even worse, it has produced an unprecedented expansion of debt which now dwarfs the size of the global economy.