The system is designed to make certain people very rich at the expense of a nation's citizens and tax payers. The system lowers the standard of living of the majority and distributes this wealth amongst the privileged. So what we are left with is a financial system, since the early 70s, that has no fixed exchange rates, that suddenly has increasingly open financial borders, that has central banks having to manage without having any control because there's nothing here where the gold used to be.
When we talk to businesses, they get it pretty intuitively. Governments often shut down these experiments The Bank of England may of course decide that this is a threat to the stability of sterling. At the moment they are reserving their right to take an opinion on it. They've sent us all their rules and regulations and we've got a team of lawyers to give loads of work pro bono, to say, "Right, we'll work on this and we'll make it as watertight as we possibly can.
If houses were cheaper, they would be easier to build. More of them would be built. There would be less huge houses with hardly any people in them. London would not be the centre of a kind of very rich speculative orgy, where all the richest people in the world want to get a property in London, because it's seen as a great asset.
It creates this currency out of nothing by typing numbers into a computer. I.e. a central bank buys foreign reserve currency. The amount a central bank can create is not limited because there is no defined commodity behind the reserve currency.
Here are the facts, and we don't even talk about these things. On Thursday at about 11 o'clock in the morning the Federal Reserve noticed a tremendous draw down of money market accounts in the United States, to the tune of $550 billion was being drawn out in the matter of an hour or two.
Financial instruments. What we've seen since the 1970s is a dramatic increase in a series of phenomena that have had a stimulative effect on the changes in the financial system that have brought us to the gleaming and shiny metal and steel business that's over there.
Why could they compete? On what resource basis? Well, they had a more efficient, a more evolved and a broader-based financial system with these instruments that they'd innovated, that allowed them to bring more money to bear at one point than anybody else, more quickly.