tag:blogger.com,1999:blog-1141932539860553199.post828931975854650517..comments2024-03-05T10:52:24.691+00:00Comments on Mark Wadsworth: Budget funMark Wadsworthhttp://www.blogger.com/profile/07733511175178098449noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-1141932539860553199.post-66103843475470528772015-03-21T11:14:47.323+00:002015-03-21T11:14:47.323+00:00B: "The idea that bank lending is essential f...B: <i>"The idea that bank lending is essential for business is a pernicious myth"</i><br /><br />Fair point. But if some people 'save' money, then that money has got to go somewhere, it can be lent to other people to spend or it can be lent to businesses. Mark Wadsworthhttps://www.blogger.com/profile/07733511175178098449noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-76679335574601216602015-03-21T10:38:24.852+00:002015-03-21T10:38:24.852+00:00"Banks don't channel savings into proper ..."Banks don't channel savings into proper businesses."<br /><br />Nor do they need to. If you want to grow your business, the last thing you need is a bloody bank. The idea that bank lending is essential for business is a pernicious myth, started and fostered by the banks themselves, I expect. It's very easy for a bank to suck all the profits out of a business in interest, something, I suppose, that the banks are hoping we will all forget ,now that interest rates are near zero. Loans on land is about the only thing that we do need banks for.<br /><br />"nationalise the lot"<br /><br />No, don't do that! If the banks are companies owned by the state, then all the money they make and then some will end up in the pockets of the senior management and the banks will make a loss. If you wish to bring the banks into state ownership, the answer is to make them an arm of the state, with all employees employed directly by the state and make banking a state monopoly. Bayardhttps://www.blogger.com/profile/15211150959757982948noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-15549652291123918852015-03-20T09:59:37.764+00:002015-03-20T09:59:37.764+00:00Yes Lola nothing to do with PPI being extremely pr...Yes Lola nothing to do with PPI being extremely profitable, far more so than home or motor insurance... but in any case were they 'told' by the FSA and Blair to sell it regardless of it's appropriateness eg; to the self employed who could not claim or to people who already held insurance or to tell people their loam would be conditional on accepting PPI when it wasn't? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-1247432445515770292015-03-20T08:25:52.452+00:002015-03-20T08:25:52.452+00:00Banks don't channel savings into proper busine...Banks don't channel savings into proper businesses. They create new money and channel it into real estate. That being the case: nationalise the lot. You would think they would lobby for a land value tax, to keep them honest but no chance.BTW Max Keiser has narrowed down his critique to concentrate on fiat money being created >then being used to inflate real estate values.He is stealing our act minus the key bits about the banks and the need for LVT to save the banks sorry rent-boy arses for capitalism.DBC Reedhttps://www.blogger.com/profile/17891849727783879145noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-45867292136383606652015-03-19T23:04:59.614+00:002015-03-19T23:04:59.614+00:00L, I will take your word for it, but that is a sid...L, I will take your word for it, but that is a side issue and not central to the concept of taxing 'rent' (via a bank asset tax) rather than 'earned income'.<br /><br />And banks can 'earn' income and create wealth - by channelling proper savings into proper businesses, by running the payments system, cash machines etc - which ought to be lightly taxed.Mark Wadsworthhttps://www.blogger.com/profile/07733511175178098449noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-19822946470258712562015-03-19T19:40:28.457+00:002015-03-19T19:40:28.457+00:00PPI. Hmm. THis is a gold mine for politicians, b...PPI. Hmm. THis is a gold mine for politicians, bureaucrats and the press. but, none of them will admit or acknowledge that the retail lending sector was in about 2002/3 <b>told</b> to sell PPI by....the FSA and Tony Blair.Lolahttps://www.blogger.com/profile/04586735342675041312noreply@blogger.com