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However, the power of private, commercial bankers to create and distribute finance at a ‘price’ (the rate of interest) they themselves determine is a great power. It is bestowed and backed by public infrastructure (the central bank, the legal system and the system of public taxation). It is a power…

[...] As Michael Hudson writes, 'the financial sector's aim is not to minimize the cost of roads, electric power, transportation, water or education, but to maximize what can be charged as monopoly rent.'

To bring global capital back onshore would be transformational of the global monetary order. Only then could we hope to restore stability, prosperity and social justice to a polarised and dangerously unequal world. Only then could we hope to manage the challenge of climate change.

There is an objection which points out that absolute equality is not achievable. That has never stopped societies outlawing other intractable injustices such as rape, murder, apartheid or even slavery. All the great battles against injustice, in which modern societies take such pride, were consider…

Instead of confronting the problem of excess wealth, liberal-minded political groups usually focus on relieving poverty, perhaps by enforcing and raising minimum wages. But raised minimum wages are easily negated when earnings and wealth at the top explode, driving up the price of housing and furth…