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 that must therefore be carefully and rigorously regulated by publicly accountable institutions if it is not to become ‘despotic’. The authorities should ensure that finance or credit is deployed fairly, at sustainable rates of interest, for sound, affordable economic activity, and not for risky and often systemically dangerous speculation. Above all, the great power bestowed on banks by society – the power to create money ‘out of thin air’ – should not be used for their own self-enrichment. Nor should banks use retail customer deposits or loans as collateral for the bank’s own borrowing and speculation. That much is common sense, and should inform a democratic society’s regulatory oversight of the banks.