Saturday, April 24, 2010

Richard Werner - Wed 28th April, London. The 3 parties haven't got it yet.

Professor Richard Werner is speaking at an International Conference in London on Wednesday 28th April. He has the Chair of International Banking at the School of Management at Southampton University and is the founder of the Centre for Banking, Finance and Sustainable Development -'Sustainable growth for all'

The Centre conducts research on the link between the financial sector and economic growth and development. It collaborates with the School of Social Sciences, Division of Economics, at Southampton and is the world’s first research centre to focus on the sustainability aspects of banking and development. In a recently published Policy News 20 April 2010 Werner writes:

Banking proposals by the three main parties fail to address the key issue to prevent banking crises and obtain a sustainable role: How the money supply is created and allocated through the banking system. BIS [Bank for International Settlements]  proposed banking reforms also fail to take the banking sector’s role as creator and allocator of the money supply into consideration. 
The Centre argues that the crisis has been caused by excessive bank credit creation used for financial (asset market) transactions. The necessary regulatory reform to prevent banking crises is to ban such unproductive credit which does contribute mainly to asset inflation and financial instability. Such restrictions are feasible and of practical relevance. 
See this Blog for April 20 for more on these aspects of credit creation.

Also at this conference: Fred Harrison launching his new book 2010 The Inquest (see blog April 20); Ashley Seager recently economics correspondent at the Guardian; academics; lawyers and several prominent campaigners for economic justice.   It runs from April 26 - 30 and is at 11 Mandeville Place, London. W1U 3AJ. See the link above.        
Note: The published programme has been revised as some original speakers cannot make it due to flight disruption after the volcano. Prof RW is standing in.

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