Partner Article

Let Technology Take Over The Banking Industry

Let Technology Take Over The Banking Industry and Let The Public Own All Commodities – by David Brown, co founder CEO, Ve Interactive UK

If banking is the most regulated industry of all and continually fails to keep itself honest, how many other regulated industries are hiding behind the same veil?

Today, another banking fiasco – fraud of the highest order is unveiled!

Barclays named and shamed first (subject to evidence being collated/shredded) will soon be joined by a host of other banking institutions in the dock. That’s if George Osborne’s announcement in the House of Commons later today has any teeth in it.

The reports of Barclays deliberate use of its position and influence to manipulate the Libor and Euribor rates to suit its own dealings, and the selling of cheap mortgages for over-valued properties to all and sundry, and the resultant property-led financial crisis, undermines the entire banking industry. It can never be trusted again. Not that it was ever trusted that much.

The Libor and Euribor are rates that control the pocket of every individual in the population, but if you control them, you can create extraordinary cash returns in a short space of time, at the expense of everyone else. Though why would you, unless you are a communist, dictator, fraudster or just simply greedy? Rigging, profiteering, rate-fixing whatever you call it, it is simply fraud and the government should nationalise the entire banking system immediately, and put all of the shares in the hands of the general public, 100%.

We have the technology to create change and since the existence of banks in their current form is just not working, why don’t we? It’s costing everyone in the country over forty percent of their entire disposable income today, due to the current tax, inflation, interest rates, salary levels, unemployment, benefit, social costs, bank bonuses, profits, energy costs, housing costs and education, and worst of all we now have an internationally under-performing country with a flagging GDP.

It is a crime that banking, a commodity underwritten by the tax payer is an industry in the first place, especially since technology has advanced ahead of the need for a banking industry in its current guise. Like energy, it should be stripped back to a fair and equitable system for the population. It should be public owned, controlled and like any other essential commodity, it should never have the opportunity to be manipulated by financial institutions, and should be non-for-profit.

Capitalism gone wrong, our sense of entrepreneurialism offended, our sense of the free world offended! Financial manipulation of a population is tantamount to a corrupt government. If the government does not rise up against the manipulation of its people’s welfare, then it supports corruption and is therefore corrupt itself.

It’s time to let technology take over. While we’re at it, lets take over energy and utilities and reduce the cost of them by two-thirds, i.e. the profit level they make. I’m technically a capitalist, but only because of my position. I have social values like everyone else and work harder than most, create jobs, invest in my community, pay my taxes and create wealth for many. But I am not going to sit back and watch others fix interest rates so they can have a bigger bonus, while driving the country, let alone the world into an economic spiral of decline! Listen up government, listen to technologists, use technology, get your house in order and for once, take a loud, moral stance!

This was posted in Bdaily's Members' News section by Kathy Heslop .