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BANKING VS DEMOCRACY
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However, the greatest concern is that govern-
ment has surrendered one of its most important powers—the power to create money and control the money supply—to the private sector which has exploited this power to blow up housing bubbles and indirectly transfer wealth upwards and inwards, with disastrous results. There has been no demo- cratic debate about this transfer of power, and no law actively sanctions the current set-up.
As the last few years have shown, the banking sector can have a serious negative impact on our lives. Leaving it with such a huge and unaccountable degree of power is no more likely to work in the best interests of society or democracy in the future than it has in the past.