“Regional Banks that are constrained to lend within a particular area are a necessary part of the institutional ecology in that they resist the centralising power of capital, allow a more stable access to credit for regional and smaller businesses and encourage relationships and reciprocity to constrain the demand for higher rates of return that have decimated the mutual bank sector in Britain. They also offer an alternative to usurious lending, one of the great growth areas in our economy. Any serious reflection on ‘employment policies’ must confront the centralisation of capital and the state and seek to constrain both through the endowment of decentralised regional and sectoral institutions that constrain centralisation and preserve and renew traditions of virtue within the economy through resisting the commodification of human beings, nature and knowledge demanded by the maximum return on investment. It allows initiative and enterprise to be oriented towards the future.”

— Maurice Glasman, Baron Glasman

The Politics of Employment, 23 May 2013 http://togetherforthecommongood.co.uk/viewpoints/opinion-pieces/articles/maurice-glasman.html

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Maurice Glasman, Baron Glasman49

British philosopher 1961

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“The destruction of the British building society movement – or much of it – in the two decades after the late 1980s … was one of the great acts of economic vandalism in modern times. And the commercial banks largely abandoned locally based relationship banking in the decade before the recent financial crisis. There is now no institutional structure in place to offer countercyclical lending, particularly small and medium sized businesses, in place of the banks.”

Vince Cable (1943) British Liberal Democrat politician

Comments on demutualisation of Building Societies http://www.libdemvoice.org/vince-cable-centre-forum-speec-29033.html, 18 June 2012. <br class="br">2012

“Capital has just become completely disconnected from the people. Labour was born in the world to resist the domination of capital. That’s our thing. So we say that five percent of the bailout should be used to recapitalise local banks. It’s our money anyway. Those local banks should only lend in the area that they’re in. Germany’s a very successful, a very, very successful example of how this can work.”

Maurice Glasman, Baron Glasman (1961) British philosopher

Interview with Australian Fabians: http://www.fabians.org.au/interview_with_maurice_glasman

“Banks lend by creating credit. They create the means of payment out of nothing.”

Ralph George Hawtrey (1879–1975) British economist

Ralph M. Hawtrey as assistant secretary of the British Treasury, quoted in: Robert Latham Owen (1939), National economy and the banking system of the United States. p. 102

“We begin with the people and they have to define the position. So relationships first, then build power among those people where they agree. So, based on support for thing like regional banks, interest rate cap, living wage, a very, very different kind of agenda. The words we don’t use much are equality, diversity, accessibility, inclusivity, because that’s not where people are. We work on living wage, anti-usury, regional banks, vocational colleges, workers on boards. And it’s a real change in the way that the party works.”

Maurice Glasman, Baron Glasman (1961) British philosopher

On the community organising agenda of Blue Labour, Interview with Australian Fabians: http://www.fabians.org.au/interview_with_maurice_glasman

“Financial Services is one of just four exclusive committees in the House. It oversees big banks, lending, & the financial sector….”

Alexandria Ocasio-Cortez (1989) American politician

Twitter post, https://twitter.com/AOC/status/1085380063112105984 (15 January 2019) <br class="br">Twitter Quotes (2019), January 2019

“I would suggest that we use 5% of the bailout money to endow the Banks of England, which would be established in the counties and cities of England and would be constrained to lend within the county or city. The principal of the endowment would be in trust to the people of that county or city, in perpetuity so that it could not be liquidated by its members, and the balance of power in its corporate governance will be held by a third being held by the Bank of England, a third by its workforce and a third by the civic institutions of the locality. These newly constituted ‘Banks of England’ are one of the essential feature of Blue Labour statecraft built upon endowment and institution building.”

Maurice Glasman, Baron Glasman (1961) British philosopher

Blue Labour, An Ancient Polity For A New Economy? http://www.bluelabour.org/2012/06/19/an-ancient-polity-for-a-new-economy/

“Globalization creates interlocking fragility, while reducing volatility and giving the appearance of stability. In other words it creates devastating Black Swans. We have never lived before under the threat of a global collapse. Financial Institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks — when one fails, they all fall. The increased concentration among banks seems to have the effect of making financial crisis less likely, but when they happen they are more global in scale and hit us very hard. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur… I shiver at the thought.”

Nassim Nicholas Taleb (1960) Lebanese-American essayist, scholar, statistician, former trader and risk analyst

Source: The Black Swan: The Impact of the Highly Improbable (2007), pp. 225-226

“It was the FLP that was committed to reducing the cost of doing business and started by lowering the cost of utilities, and requested the commercial banks and lending organizations to reduce their fees, charges and interest rates. The FLP also moved to reduce public expenditure, which saw a saving of $96 million in its year in office. It was also the FLP, which lowered interest in Housing Authority home loans from 12 per cent to 6 per cent for those on lower incomes. It was the aggregate effect of this and a range of other measures of tight fiscal control, investment in key growth areas and a firm hand on curbing corruption that saw the economy record an unprecedented growth of 9.6% in 1999.”

Mahendra Chaudhry (1942) Fijian politician

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“No one has a natural right to the trade of a money lender, but he who has the money to lend. Let those then among us who have a moneyed capital and who prefer employing it in loans rather than otherwise, set up banks and give cash or national bills for the notes they discount. Perhaps, to encourage them, a larger interest than is legal in the other cases might be allowed them, on the condition of their lending for short periods only.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

ME 13:277
1810s, Letters to John Wayles Eppes (1813)

“Excessive acreages of unused buildings, commercial and residential were created. The need for such construction, given the space demands of modern business bureaucracy, was believed to be without limit. In later consequence, the solvency of numerous banks, including that of some of the nation's largest and most prestigious institutions, was either fatally impaired or placed in doubt. The lending of both those that failed or were endangered and others was subject, by fear and example to curtailment. The construction industry was severely constrained and its workers left unemployed. A general recession ensued. Any early warning as to what was happening would have been exceptionally ill received, seen as yet another invasion of the benign rule of laissez faire and a specific interference with the market. However in keeping with the exceptions to this rule, there would be eventual salvation in a government bailout of the banks. Insurance of bank deposits — a far from slight contribution to contentment — was permissible, as well as assurance that were a bank large enough, it would not be allowed to fail. A preventive role by government was not allowed; eventual government rescue was highly acceptable.”

John Kenneth Galbraith book The Culture of Contentment

Source: The Culture of Contentment (1992), Ch. 5

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Maurice Glasman, Baron Glasman49

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