Up until very recently, until the 1960s, the Securities and Exchange Commission would be quite clear that derivatives that weren't based on real products like agricultural products, so pork belly futures or whatever, would in fact be essentially a kind of gambling and you weren't allowed to trade them.
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What should I do first if you decide to take out a loan? Do not rush to go to the bank right away or take out a loan that your friends have told you about. There are a lot of offers on the financial market, and what is good for one will not necessarily be beneficial to another.

The bank where you receive your salary will not necessarily offer the most profitable loan: it is quite possible that another bank will approve a loan at a lower interest rate. But there are advantages in borrowing from the bank where you receive your salary, of course: you do not have to confirm your income – the bank already sees how much you receive monthly. Therefore, the procedure will be faster. But fast is not necessarily good!

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It's a real conflict of interest. The only thing you really can do is to give it to somebody who has no conflict of interest, an independent, transparent, accountable body. Money could be allocated according to the needs and desires of the population. Systems could be put in place to allow for direct democratic allocation of funds, either wholly or partially. A framework and rules could be established to incorporate up-to-date economic theory into how much money should be created and for what types of purposes.

I think that has to start happening in the UK, because we're in a demand-side recession, rather than looking at crisis of supply. You have to have a system where credit is put into productive avenues, where credit is put into building high-speed rail links, into building houses rather than giving people money to inflate the price of houses.

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If we, as the public, go into further debt, that puts more money into the economy, and we're going to have a boom

I think it is a form of economic warfare. Much of the change in the way that the global economy works over the last thirty years result from this debt, this thrid world debt, because it's given rich countries and banks and the financial sector, enormous amounts of power and control over the poorer bits of the world, where a lot of the resources are that we like using, and that's being used in a way that many people have compared to a form of colonialism.

For example, when $1000 is transferred into euros, a UK bank will agree an exchange rate with a Euro-area bank, perhaps 1.15 euros to the pound. The UK bank will then transfer $1000 of the central reserve currency to the UK partner bank of the European bank, whilst the European bank will transfer 1150 euros of reserve currency to the European partner bank of the UK bank.

After independence, these instruments were applied for financing expansion.

The World Bank recognised in a 1993 study that this method of intervention in credit allocation was at the core of the East Asian economic miracle.

So a lot of people keep this idea that banking it's somewhere safe to keep your money so that it's there for whenever you need it.

The other 60% of people assume that when you put your money in, that money is then being moved across to somebody who wants to borrow it.

So you have a pensioner who keeps saving money her entire life and then her life savings have been lent to some young people who want to buy a house.

But actually banks don't work like that.