Richard Werner: Local Banks – Their Vital Role

Charles Bazlinton • www.youtube.com • May 20, 2011

“…Banks, in all countries at the moment, have been given the PRIVILEGE to creating the money supply, and allocate the money as they see fit.”

In the UK the Coalition Government has for some time been pleading the banks to lend to small and medium-sized businesses – with the aim of kick-starting economic growth. But it has not worked. In this video interview Professor Werner shows how this failure is particular to the UK due to the size of the banks. There is a mismatch. These huge centralised international banks are not suited for lending to local and regonal businesses. This means that small local businesses are throttled and the shape of the economy is skewed in favour of large firms. A Government committed to localism and the participation of all under its Big Society banner should heed Dr Werner’s clear agenda of what should be done now to provide Banking for the BIg Society.

 

Watch the video here.

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