Okay, enough ranting from me. I thought I'd offer you a competition instead, with a MILLION POUND PRIZE !!!! I often hear the defenders of bankster capitalism claim that banks 'create wealth' or that private banks are vital to our economy. We can't tax or regulate them too much, for example, or we'll scare them away to Switzerland and Hong Kong, which would apparently be a disaster for us, because .. err .. well because banks 'create wealth' don't they?
I'd like to know more about this magical wealth creation process that occurs in banks, because I'm a bit hazy on the details at the moment and I'm sure some genius neo-liberal economist (perhaps one who works for a bank?) will be able to answer my question, given that I'm offering a good old capitalist incentive: what an economist might call a 'price signal'. That's right folks, I'm prepared to pay a MILLION BRITISH POUNDS to the first person to offer a satisfactory answer to the following simple question:
How do private banks create wealth?
That's it. Just post your answer in the comments, leaving a contact number or email and the first good answer will get £1,000,000. That's a MILLION POUNDS.
Small print: Of course, you will not object if I pay this in the form of a credit card specially issued by the newly created Bank of Insane Gibberish, with £1,000,000 credit on it (based on the £10 note I hold in my piggy bank as cash reserves).