For many years, we’ve been told that finance is good and more finance is better. But it doesn’t seem everyone in the UK is sharing the benefits. On this program, we ask a very simple question – can a country suffer from a finance curse?

Host Ross Ashcroft is joined by City veteran David Buik and the man who coined the term Quantitative Easing, International Banking and Finance Professor Richard Werner.

Want to understand more?

Our resident Data Journalist, Andrew Keith Walker looks further into these issues in our blog here >

Renegade Inc

Renegade Inc

Renegade Inc. is a new mainstream media platform which creates and broadcasts content aimed at those who think differently.Its mission is to inform, illuminate and inspire, focusing initially on three sectors: entrepreneurship, self-learning and the arts.
Renegade Inc

Latest posts by Renegade Inc (see all)

9 thoughts on “The Finance Curse

  1. Brilliant Ross! Love that you managed to get these two heavy hitters in the same room. Of course we’ll have to wait until a big crash before anyone installs th me kind of regulation this needs, but I can and should happen.

  2. Brilliant Ross! Love that you managed to get these two heavy hitters in the same room. Of course we’ll have to wait until a big crash before anyone installs the kind of regulation this needs, but it can and should happen.

  3. All banks are bankrupt the same has Countries, the banker knows all about reserve fractional banking.
    There was no mention of the glass- seagall act which slick Clinton cancelled, of course goldman sachs paid him and his gangster foundation.
    Our politicians got good jobs because they have done what they were told
    No mention of derivatives which will bring the world down.
    Last,the involvement of banks in the drug trade, they are up to there necks in it.
    The cia are the deep state policemen,give me control of the money and I don’t give a stuff who makes the rules?

  4. Buik states that nothing happens without banks…however, he doesn’t mention the fact that without pioneers – ie those forgotten people who design and make things – the banks wouldn’t be here in the first place.

    The UK became a world force because of its industrial revolution; now, it’s a place that’s deep into its decadence phase of decline, and whose economy revolves around not manufacturing and production, but largely around real estate and credit bubbles (car ‘sales’ for instance not being car sales at all, but merely credit leases. There will never be ownership of the car.)

    Politicians on both sides of the fence have been very well trained (lobbied) into believing that it’s ‘different’ now, and the new rules mean that we don’t need ‘touch labour’ (as management consultants laughably refer to it) any more – people in poor countries can do that for us.

    This is going to come back to bite us very hard very soon, and Mr. Buik and his ilk are deluded if he thinks his beloved banks will hang around – they’ll be off to where the new prosperity is. And that means China, the country which has driven just about all global growth for the last decade via its (drum roll)…manufacturing.

    We have truly hobbled ourselves.

  5. Buick pretending he didn’t know that the City of London has its votes completely dominated by the finance institutions within its boundaries was farcical. as for his feeble interjections throughout the professor’s explanation….he is clearly making a mockery of the interview/subject matter. highly organised crime, nothing more, nothing less.

  6. My own experience managing the residential mortgage lending program for a commercial bank in the United States challenges Professor Werner’s conclusion that individual banks create money out of thin air. One of my early responsibilities was to document for our auditors our accounting procedures for the department. What he suggests occurs cannot occur when there are two entries for any transaction — a debit and a credit entry. When our bank extended credit (i.e., made a loan) to an individual, the debit entry was to establish a “mortgage loan receivable.” The credit entry was to “cash,” and (in most instances) the bank transferred the cash to one or more third parties electronically or issued a check payable to each party. The asset composition of the bank by this transaction has changed. The bank has less cash but the cash is replaced by a receivable.

  7. This is not only the most extraordinarily informative segment, it is absolute essential viewing for EVERYONE! Brilliant Ross as usual – Reneagade Inc is wonderful, this and the NHS segment recently are where change really starts to impact those who know so little before listening/viewing these sorts of informative programs Huge kudos to all responsible for these programs!

  8. Money creation has to be first and foremost beneficial to people, people are the real economy.

    Germany and even India have growing or solid manufacturing bases, Britain deliberately destroyed its manufacturing base in order to deliver the Neo_liberal agenda, which is the transfer of wealth and power to the 1%.

    Margaret Thatcher’s 1982 secret cabinet papers “the longer term options” spell out in detail how they would achieve the transfer of state assets into the private sector. Nicholas Ridley’s 1977 document was the forerunner to Thatcher which spelled out how they would dismantle the nationalised industries, using the arms of the state, Army, police, and legislation to crush Trade Union opposition.

    The City of London was then hailed as the great saviour to the economy, and every time we met a crisis Neo-Liberal politicians used that excuse to deregulate and reduce taxation for people and corporations that simply did not need it.

    The dilemma facing this country is the recognition that everything that has happened over the last forty years, did not happen by chance but has been carefully planned and implemented to achieve the desired ends, which Bernie Sanders put very succinctly in saying, that the 1% were at war with its own people.

    I would emphasise that Richard Werner is absolutely correct on money creation, as the Bank of England Bulletin makes exactly the same statement. Although does refers to deposits as money.

    Where I would differ with Richard Werner is that an economist records and notes the activity of an economy, and whereas there is definitely a wrong way to treat an economy, Britain is not suffering from just inadequate regulation, but the whole economy is structurally imbalanced, and we can’t trade our way out of trouble any more. Looking to the long term we must also recognise we will never trade in world markets like before and nor will other countries in a similar position,we are simply too small and artificial intelligence is taking over.

    We have to create money to provide for the needs of people, that has to be the paramount objective and we must reject the notion that can compete on the world stage, raw material resources will not sustain that concept for ever into the future, but human endeavour can be channeled into managing a sustainable economy that works for everybody. That is the new paradigm, failure to recognise that, is to return the country back into feudal times with all the associated problems that will bring.

Leave a Reply

Your email address will not be published. Required fields are marked *