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    • Mon, Nov 24, 2008 - 10:27pm

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      epiphany

      epiphany

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      Joined: Nov 20 2008

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      Re: Why not just cut out the usurious middleman?

    Cheers mred, yes I watched that some time ago and will have a re-watch some time this week.

    DanS, I would class myself as from the left, although, as Tony Benn pointed out, libertarians tend to meet round the back, and the issues I favour among the leftist schools of thought are to do with a more democratic and co-operative economy, free from both state and private monopoly.

    There is a great article on Wikipedia – http://en.wikipedia.org/wiki/Economic_democracy which I found sums up my inclination as far as economic reform goes.

    We need a people’s banking system (although not state controlled), where the public are the creditors of industry as opposed to private investors and shareholders. Co-operative structures could exist within financial institutions. With a national credit union, for example, the public would have an equal membership stake, and dividends would be distributed accordingly, in order to ensure purchasing power is adequately dispersed to "buy back" the production output.

    I just don’t see why we need to rely on private, usurious banking institutions at all. It’s all about who owns the commons, and therefore who issues credit and who charges rents on the property that is used within the commons. We all "own" the land we live on and we should all benefit from the fruits of the industry that uses our collective means. It’s all down to the letter of the law at the end of the day.

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