Thought of the REconomy group while reading this article, so I thought I'd share it with you all. Thoughts?
"What those who hope to rein in the banking industry must do instead is break its monopoly over value creation and exchange by fostering competitive currencies, alternative corporate structures, worker-ownership, and restored respect for land and labor instead of just capital."
I read the article. I think the rich get richer because they invest in return for some of the profit through charging (interest, stock increases, etc). They don't rely on their own labor, but can leverage the labor of others.
In the crash, the big banks lost because they over leveraged, risked too much in the real estate, and even committed fraud, thus breaking their own bank. At the point that the taxpayer picked up the tab in order to avoid the suffering (job loss, people going hungry, losing homes) we could have nationalized the banks and changed society, but it was too much change, to quickly. Societies don't do well in chaos.
That's why we need to keep figuring out how to redo the economy so it will work for working people. We need to get out from under the financial risk takers who gamble our economic futures when we really don't even have a place at the table (see the movie The Big Short).
Now non-profits are mostly disempowered in that they rely on increasingly limited outside funding. Small businesses have trouble because they can't complete with the big monopolies, etc. Reconomy would theoretically give us a place at our own table by generating our own assets and keeping those assets "in the family". That's why hourly exchanges and co-ops work and have been discussed in our Reconomy Project.
I also think that capitalism is an environment killer, because businesses can profit without taking into account the real costs to the environment - no need to restore, whether it's in agro-business killing the soil, or miners extracting too many resources until nothing is left. We assume nature will rejuvenate by itself. It can to a certain degree, but if we leverage nature too much without restoring it - it will collapse. I've heard it called "overshoot" by environmental biologists. And we're seeing this phenomenon play out with climate change.
Thanks for sharing your article.