York Minster EBOR lecture

12th December 2009

At the end of last month I delivered the prestigious EBOR lecture at York. My address was entitled:

“Credit, usury and political power: chasing the moneylenders from the temple that is our democracy”

Click on the link below to read a PDF version of the full lecture:

EBOR Lecture November 25th (PDF)

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1 comment to York Minster EBOR lecture

  • Ken MacIntyre

    Very clearly and eloquently put.

    I would have added that the ‘shadow banking’ sector of asset backed securities and

    speculative derivatives, SIVs and ‘conduits’ (See Paul Mason, Meltdown 2009)is what drove the latter phase of the debt explosion; by putting risk

    off balance sheet, more credit could be issued. And all this world of hedge funds, offshore centres and ‘OTC’ (unregulated and unmonitored)

    dealings grew up unnoticed and even less understood by politicians, central banks, regulators, academics and commentators.

    We are bailing

    out the shadow banking sector and all its toxic junk when it should be dismantled and ultimately removed altogether.

    Ann repeats truths

    that are neither new nor particularly radical but have been forgotten. It was Aristotle (The Politics) who said that making money out of money

    (usury) was unnatural, 2,500 years ago.

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