Professor Ray Kinsella - Feasta Irish debt crisis conference, September 23 - 2011.
“Our capacity to drive this model of growth is crucially dependant on the robustness, flexibility and sustainability of our Banking System and on our ability to re-imagine a very different type of financial system to the one which is being re-created:
That is one which is not driven by short term shareholder value or by a culture of statism but one which is responsive to all of its stakeholders whose ethos and operations are benchmarked against the general good: Not unlike Islamic Banking.”
“But there is a more fundamental issue which is:
Why are we recreating under a different ideology a system that has failed? Ultimately a financial system is only as strong as the economy that it serves. This means that the re-creation of a sustainable banking system is inextricably bound up with an equally sustainable strategy for growth: that is the detonator in the debt GDP ratio. This is not the case at the moment. There is no alignment between the financial system and the real economy.”
Prof Ray Kinsella - Sept 2011BLOG COMMENTS POWERED BY DISQUS