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Mark Hofman

Opinion: Do Banks Rule the World?

By Mark Hofman | Sun 20th November 2011 - 2:05 pm

Last week many of us may have witnessed the sickening spectacle of watching a city trader declaring that Goldman Sachs rules the world… among other insights, such as how he lays awake at night fantasising about another economic depression.

If money rules the world, then surely whoever rules the world controls the money supply?

Many of us would, therefore, assume that the Bank of England creates money and regulates its supply to the economy, thereby controlling inflation and interest rates. However, whenever we look to finance a house, car, business project, etc, we invariably turn to the banks (in the …

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Recent Comments

  • Peter Davies
    and building more houses of course....
  • Peter Davies
    The rising property market contributed more to the impoverishment of the poor than the enrichment of the rich. It is owner occupiers who hold the greatest propo...
  • PM
    @ Tim, You may be technically correct with your argument but it doesn't change the fact that we have become very much more unequal in recent decades. The ...
  • Mick Taylor
    @ColinMurphy. Yes and you could close all the tax loopholes and greatly reduce the huge number of pages in the tax codes that take a highly qualified accountant...
  • colin murfin
    There are numerous untried ways to generate more tax Heres a few 1. Change NIC for employers to a tiered system like PAYE ie 0% for low paid 200% for hi...