Asset Quotes - page 7
I am working with Unite in Salford to set up the Bank of Salford. It is going well. They have consolidated the credit unions, put money in, the city council will put their pay roll through it to stabilise the asset, the government are supporting it with advice and lowering entry requirements to become a bank that can lend to businesses as well as families. It will be bounded within Salford, there will be local residents on the board as well as institutions, but Unite cannot do it on their own. There needs to be a partnership between the Church and labour that can put some constraint on capital without relying on the state. Relational accountability and democratic governance are key to this. That is how the old bones will walk again, by renewing a commitment to the common good in action. It's a great thing to do.
Maurice Glasman, Baron Glasman
Over a period of 500 years the City has supported deregulation at every turn. The consequences of this are massive. You had fraudulent products – the cause of the crash – debt being repackaged as an asset and then being used as leverage. The assets they held and credit they generated were on a ratio of 50-1. There was no effective regulation of this, no effective oversight. They have been exposed by the bailout. They have refused more than ten years of requests from us [London Citizens UK organisation] and suddenly they agree to meet. I think they are concerned that the political parties will move to a more manufacturing, less financially-based economy.
Maurice Glasman, Baron Glasman
Most students of nature sooner or later pass through a process of writing off a large percentage of their supposed capital of knowledge as a merely illusory asset. As we trace more accurately certain familiar sequences of phenomena we begin to realize how closely these sequences, or laws, as we call them, are hemmed round by still other laws of which we can form no notion.
William Crookes
