The outrage about this year's banker bonuses is on the boil, even the parents of Stephen Hester, chief executive of Royal Bank of Scotland (RBS) said his package was worth a potential £9.6m and that even his parents thought he earned too much. Vince (cut public sector pensions to pay for the bankers bail out) Cable is once again bleating about the bankers, he claims breaking up the banks and extra tax on banks profits will end the feasting.
http://www.guardian.co.uk/business/2010/jan/12/rbs-stephen-hester-parents-overpaid
He's wrong of course; bankers get massive bonuses because banks make massive profits from issuing money, as debt. Vince picked this up when he said, "At the moment, this seems to involve borrowing taxpayers' money at half a percent from the Bank of England and then lending it back to us at eight, 10 or even 20 percent'.
http://www.vincentcable.com/news/001635/break_up_the_banks_to_stop_bumper_bonuses.html
Despite the words it appears that while Vince is keen to attack our living standards - he's light on the options to end bonuses. To end the bonuses the money system's purpose must change; it must no longer be designed to provide a stealthy way to transfer wealth from workers and poor people to richer and more powerful ones.
We require a new money system that must allow everyone to benefit from fair and efficient exchanges of goods and services, reflecting what we each contribute to and take from the common wealth.
