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article imageReview: Video introduces London's Finance Lab

By Alexander Baron     Dec 5, 2013 in Business
London - The Finance Lab is based in London, but wherever you live in the UK or on this planet, this 23-minute video was made for you.
Or it should have been, but frankly the finished product which has been long promised is rather disappointing, to put it mildly. The Finance Innovation Lab or simply the Finance Lab has its own website, but this was made specifically for YouTube to which it was uploaded yesterday.
The Finance Lab might be described as a think tank, and here we hear a number of its major players talking about the financial system and telling us it must change. Everybody agree with that so far?
Good, because that is as good as it gets. We hear too about how there should be more peer to peer finance for small businesses, crowdfunding, and local banks working in the interests of the community, and? Well, how the current financial system is money working in the interests of money, speculating without producing.
Again, tell us something we don't already know. No mention of credit creation, no mention of interest and the fact that there is no need for it, indeed no mention of anything meaningful except in the most general terms. And can it really be that the situation in the US is really so much better than in the UK?
A lot of highly intelligent men and women appear in this video, but for all they say, you'd be better off watching a cartoon. This one in particular.
More about transforming finance, Financial reform, the financial innovation lab, London
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