Bailed-out banks should fund the Green New Deal

From The Ecologist: August 17th

They emptied the public purse to fund their continuing largesse. Now it’s time for the banks to pay us back. At phenomenally good rates…

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3 comments to Bailed-out banks should fund the Green New Deal

  • Brian P. Smith

    Go for it, Ann.

    What a wonderful idea. We have saved the banks (though I still don’t realy know why we should prop up their

    iniquitous way of working!) and now it’s time for them to say “Thank you”. This would make a nice change from them continuing to take the Mickey

    by paying themselves immoral bonuses under the pretext they need to offer them to get the right people. WWHAT RIGHT PEOPLE??? They haven’t done

    very well so far, have they?

  • Why invite the banks to make any profit at all from creating new money? Aren’t you tired of the way

    that the banks continue to laugh at us since we privatised the creation of new money? The banks reap the interest as their own private profit and

    for what? It’s time to nationalise the money system (the power of money creation) so that we, the people, profit.
    Another huge advantage of

    bypassing the idiot banks is that we (the people, via the state) create the money as money, not as credit (money plus debt). Hey presto – we need

    more money, not more debt.
    Let’s legislate so that retail banks only take deposits (of existing money) and offer loans against those deposits.

    Now we can issue money (debt free) into the economy, via a Green New Deal and a Citizen’s income.

  • ann

    Thank you Brian and Martin for these comments…Martin, I am not sure that there would be public support for

    government to be given the power…..I have worked in Africa, and there I struggle to persuade people that central banks should not be independent

    of government, but instead should be accountable to elected governments……governments are deeply mistrusted…..and while you are right, the

    bankers have been making a profit, that’s because we have allowed them to….Regulate them; break them up; and persuade the BoE to once again

    adopt the principles and practice of Keynes’ liquidity preference theory – which he used to help the BoE issue a range of bonds and thereby

    determine all rates of interest – for short and long loans, safe and risky loans…Banks will then once again become staid, boring institutions

    serving the public interest…..

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