Finance Minister Jim Flaherty wants to launch a new program of “financial literacy” for Canadians, on the theory that if we were more “aware” of the dangers of sophisticated financial products we might avoid the next financial meltdown. But wait a minute: it was the bankers and brokers, not Mom and Pop investors, who caused the last meltdown. Shouldn’t they be the ones who go to financial literacy classes??? Join our teacher, Mrs. Credit D. Fault, as she instructs the financier set in some of the basic principles of sound finance.
This video can be found at YouTube
chuckles, yes,
but i still think that its more than just asking bankers to invest in productive businesses instead of paper balloons.
Bankers have too much power, through their capacity to create money in the first place simply by making a few computer entries; to loan money at the rate of 9 to thirty percent of their existing reserves, to collect interest and accumulate wealth, wealth used to fund destructive corporations of their choice, to influence politicians, and to buy experts and lawyers to write and defend policies in their interest, including policies which let them speculate, create derivatives, or whatever manipulative 'innovations' they devise next.
As long as the public allows bankers to create money while the public doesn't use its own power to create money without interest or spend directly on basic goods and services, then we continue to hand over power undemocratically.