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 >

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7 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.

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