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article imageOp-Ed: A British MP rails against the banking system

By Alexander Baron     Feb 3, 2012 in Politics
London - Michael Meacher entered Parliament in 1970. He served as a Minister under both Harold Wilson and James Callaghan. Now aged 72, he has found his true vocation: financial reform.
Michael Meacher has always been a plain speaking sort of bloke, a virtue that is a rare quality in most politicians. An outspoken critic of the invasion of Iraq, he was one of the people invited to speak at the Positive Money conference last October. He didn't simply speak, he let rip. Ben Dyson and his team have now uploaded the video of his speech to YouTube in three parts. You can find Part 1 here. You can watch all three in half an hour.
He covers a lot of ground including human nature and how this applies to the banking rip off, shadow banking and the market in derivatives, and the reasons the politicians have been unable to do anything about it.
Michael Meacher MP addressing the Positive Money conference in October 2011.
Michael Meacher MP addressing the Positive Money conference in October 2011.
As well as identifying the problems, he puts forward his own solutions, the biggest being the repatriation of the power of credit creation to the British Government - and by implication for the tearing up of the Maastricht Treaty, at least as far as banking is concerned.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of
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