There was much to discuss in yesterday’s Mansion House speech, but I
would like to focus on one disappointment and one pleasant surprise.
First the disappointment; the five members of the new Independent
Commission on Banking are all economists and bankers of the highest
calibre and integrity. Some are on record with quite strident views
about the ills of our banking system and quite radical prescriptions
for their cure.
These days it's pretty obvious that Britain is not at the cutting-edge of climate change policy. We have a government which is doggedly pursuing the construction of coal-fired power stations and the expansion of airports, damning the consequences for our planet, our economy and our civilisation.
It's been over a week now since we launched our proposal for a People's Bank based at the Post Office. In a packed committee room in the Houses of Parliament we heard politicians of all stripes voice their support for this new kind of bank, one that would put communities, small businessses and the financial excluded first.
With motifs of climate-friendly transport woven into the fabric of the building, the Tricycle Cinema in north London was the ideal location to premiere Franny Armstrong's new film, The Age of Stupid. One story in the film concerns the conflict between a wind energy entrepreneur and his rather self-satisfied and uptight posh local opponents who dislike the idea of any change to the landscape. The posh people win.
Whatever the mistakes that allowed this situation to arise, there is growing international consensus that the best way out is via a green new deal policy package. Parts of the UK economy are in freefall with unemployment rising rapidly. At the same time, with less than 100 months to go before the world enters a new, more dangerous phase of global warming, there is an urgent need for the rapid environmental transformation of the economy.
The environmental movement was labelled alarmist and wrong in reaction to the subsequent Limits to Growth report, written by scientists at MIT, which projected the natural resource constraints of trying to grow indefinitely in a finite space. When, last year, a detailed study compared the original report with 30 years of data and trends, it found a solid correlation between projections and reality. More
So we're pleased to report that a new community currency will soon be circulating not far from nef headquarters. A few enterprising souls at Transition Town Brixton are introducing their very own pound this September, and have a new website to promote it. More