A Fresh Approach to Banking

 I don’t know about you but our economic problems have kept me awake at night. In the small hours I lie there turning over the dilemma finding the solution only to find I’ve created another impossible tangle. The other night the solution came to me and I want to test it in this public space.

Below are the fundamentals we must work with:

  1. Money is created by banks as debt

  2. Where money is allocated and at what cost to the borrower is essentially the decision of the banks.
  3. The only legitimate claim to goods and services is paid work

These are the rules that we must grapple with, like it or not.

Key Question: How do we employ the entire workforce in something that the banks will be willing to create money for indefinitely?

Refine the question: What is it that banks love?

Answer: Banks

Travelling around this country one will notice that in every town there are banks. Lots of them. Corner sites, flashest buildings in town with lots of glass and big posters of smiling people presumably ecstatic with new found freedom and security. You will also find the employment agencies just up from the banks. Not as flash but probably with a better fit out than the pub or bakery. Banks spend a motza on advertising and image. They are a bottomless well of glossy, fine-print brochures detailing the conditions of their ‘products’ (that word used more in the figurative sense than the literal).

The banks being at the rudder of social and economic development would have to sign on to this plan, but I think it only fair they give something back to the community which puts them on the throne. We would begin with tooling up Australian glass factories. They could put more people on, gather more sand and streamline the whole supply chain in anticipation of the new market.

A crew of brick throwers enlisted from the legions of young unemployed, and some conveyance able to carry bricks and throwers, will also be required. A Holden Ute would be ideal but perhaps a Great Wall or SSangYong as Holdens become unavailable. We would take our supply of bricks from any disused factory or repossessed house (another limitless resource courtesy of our banking establishment).

With the men and machines in place coordination becomes the key to make work.  The banks would have their tellers stay at home Monday morning. Our brick throwers would move in plying their trade on the floor to ceiling plate glass of every bank in every town and city in the country. Millions of tonnes of glass, cleaners, glaziers would move in the moment the tray load of diligent youth have screeched out of sight, have it repaired by Wednesday and smashed again on Thursday. More money, more glass, more work, more prosperity. We could even create WH&S regulations that prohibit the use of any brick more than once and get our brick makers in on the act.

It would serve the purpose of war without the dead and smashed bodies. Banks fund wars. The only thing they are equally lavish with is their premises. There lies the genius of the plan.

If the public liked the idea (and why wouldn’t they? more work, more production, more money) we could take the plan to phase two.

Conforming to the requirements for growth, phase two would entail a more thorough demolition of the banking establishments. Those howitzers in every other park in the country would be recommissioned. Our ANZAC brethren who proved themselves so able in this field might be suited to this task. At seven ‘o’clock Saturday night (so the kids can stay up and watch) the town would be cleared and the 105mm salute to the reviving Australian economy would get underway. The New Zealand Orchestra would play their tune and on Sunday morning (penalty rates apply) the wreckage would be cleared and the trades moved in. Banks would be writing cheques left right and centre. Money straight from the source! Work for all. Just imagine the extra work for WH&S people with the gun crews! They could write manuals from here to eternity and carry out random safety checks to their hearts’ content; another reason why we might prefer the crews to be Kiwis.

While the rebuilding was underway you would have to ensure the nation’s banking was carried out. We could erect interim banks like field clearance hospitals in war time. The banks might invest in some marquees emblazoned with their logos and those positive affirmations they seem so keen on. ‘It’s possible to love a bank!’ Wireless networking will be helpful here to move the numbers about, which seems to be their stock in trade.

Luddites beware! With the rise of the new market some ambitious entrepreneur, innovator type, on whose shoulders our economic future rests, might design a 3D printer that prints banks. The various brands of the international money franchise in Australia could all have plastic money factories printed and despatched to their operating locations. With an innovation like this it is likely that soon the destruction and rebuilding of banks would become so streamline that the system would cease to be an effective means of generating new money and employment. In that case we could bomb the bank printers and employ more people to design and build printers to print bank printers and missiles to shoot down the bombers of bank printers and severe looking people appearing on TV referring to graphs and tables that demonstrate the stability of the financial system. If history has taught us anything it is that once we open ourselves up to the economic possibilities presented by wanton destruction the sky is the limit.

I should mention for the sake of balance that some Scottish engineer once devised an alternative but his premises did not get along with banking’s claim to central economic and social position. He said that the purpose of an economy was the production and delivery of goods and services. What he failed to realise was the fact that what the people really want, deep down, is work, debt and masters.

So there you have it. All that is required is for the assembly of divisions of lawyers and bureaucrats to meet and generate paperwork that no ordinary literate person could understand to assemble processes, frameworks, underpinnings, surveys, social and environmental impact statements, memos, commission reports etc. required before anything can be done. If we start now we may have a draft plan by 2034 and be able to begin trial implementation at least by the middle of this century. Or, in the interest of the free market, nay, the free world, we can take seriously our economic responsibilities and begin work right away.

 

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