07 December 2010

Taming the Vampire Squid


Sourced from the new economics foundation/The Great Transition, December 2010

'"A great vampire squid, wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." That was how journalist Matt Taibbi described Goldman Sachs in a Rolling Stone exposé from 2008.

Now, after what is perhaps the biggest example of private-sector market-failure the world has ever seen, the banking system that fuelled the crisis is fundamentally unreformed. Even on its own terms the banking system is broken.

To design a banking system that is fit for purpose and able to underpin the imminent Great Transition to a new, low carbon, high well-being, and stable economy, we need to revisit the social and economic contract that banks have with society. We must take back our banks.

We need banking that is more like a public service, a utility that helps the productive economy function. This animation from the Great Transition campaign to take back our banks asks: when will politicians find the will to make it happen?'

'Launched to mark the start of bank bonus season, a new animation is setting out to increase public pressure on government to take on the banks and not sweep reform under the carpet. It ask politicians whether they have a plan to tame the bank, and if not, why not?

The minute-long animation is inspired by Rolling Stone journalist Matt Taibbi's description of investment bank Goldman Sachs as a giant vampire squid "sucking on the face of humanity".

The animation is backed by a wide range of influential pressure groups including: nef, Compass, PLATFORM, ResPublica, 38 Degrees, WDM, Positive Money, Tax Research and the Post Bank campaign.'

No comments:

Post a Comment

Please leave your comment here. Please note these stories are posted for information rather than for debate; if you wish to disagree with something posted, no problem, but since I post both things that I do and don't support, it would be appreciated if the criticism was about the issue.