I have been speaking and writing against the banking system along with the overall economic system for a while now. I have stressed on the increase in wealth tax and decrease in income tax for a better redistribution of wealth. I have also spoken a lot about the system of 'too big to fail' and how it is ruining the lives of the masses to fill the deep pockets of a selected few. I have also talked about equity ownership for the farmer's land in the production rather than paying him four times the amount prevalent in the market. A comprehensive system that should determine the price of the commodity so that the difference between the cost of production and the profit to the corporations is significantly narrowed down was also suggested. I have even contested on the negative role of stock markets in an economy. I find it pure gambling where the house as usual always wins catering the interests of the selected few. Most of my ideas sprung directly after reading Dr Javed Jamil's book 'The Devil of Economic Fundamentalism' which was written in 1999. I have reproduces an excerpt from his book.

The forces of economic fundamentalism have benefited immensely from the banks. But, there were some drawbacks of the banking system. First, they have limited capacity to cater to the ever-increasing demands of the manufacturers and traders. Second, the banks could provide money only up to a certain limit and for only a certain period. The compulsion of paying back the instalments, shortly after the procurement of loans, would sometimes bring the companies and their directors under insurmountable pressure. This would stall or terry their growth. Third, the banks, regularly, meddled in the affairs of the business. Fourthly in case the business suffers loss, the banks did not share it and had to be repaid the whole loan along with the interest. The banks having been managed by competent persons, it was not easy to deceive them. To overcome all these obstacles, stock-exchange was erected. This would provide a regular supply of money and by the establishment of private limited and limited companies, they had already limited their legal responsibilities, in case the companies failed. The stock exchanges serve their purpose by amassing wealth of the common people for their use at tremendously easy conditions. They would not have to face the innumerable constraints put by the banks. The public would be easier to convince of the “enormous benefits” of investing in their companies. The biggest advantage, of course, would be that in case there are diminished returns, the loss would not fall on their shoulders alone; they would, without much of a difficulty, transfer the major portion of their losses to the small shareholders who have no option in such circumstances except to sell their shares at much lesser prices than that at which they were purchased. It is hardly surprising then that the frequent ups and downs in the stock-market, are many times, artificially produced in order to benefit a major investor or harass a competitor in the market. The minor shareholders, the common people, almost always have to bear the brunt. Share-market has turned speculative on account of the increasing role being played by the middlemen. The companies being limited, the directors, in case the company is on the verge of collapse, use the manoeuvrability of the laws and regulations to minimise their own losses; but the minor shareholders, who together often own more than the directors, are in no position to avert the disaster. They have money to invest in the companies but no role to play in formulating the policies; the directors use their positions to safeguard their own interests, obviously, at the expense of the lakhs of minor investors. When the equities are declared open, the public has no method of its own to examine the credentials of the company and has to rely, solely, on whatever little information , obviously, presented in a way so as to attract the investors and to avoid any legal implications, is made available to them by the directors. There is no foolproof procedure to determine the genuineness of a company. With increasingly greater number of people falling to the lure of the share-market, that has became no less speculative than the lottery and bookies, several investment companies have surfaced. These companies succeed in luring the commoners, because being unable to understand the nuances of stock-exchange, they prefer safety. These companies are adept in the art of investment, and their guile helps them make big fortunes. Whatever they earn, is naturally, ultimately paid by the people. Betting has further complicated the matters, and the bosses of the bookies use their links and influence to generate false ripples in the exchange. To boost up public investments, the news of share-market and sensex-indexes are broadcast daily on radio and TV; the impression that goes to the public is that the survival of economy depends only on the sensex.

I was shocked and happy when I saw that an American Presidential Candidate Bernie Sanders in his presidential campaign spoke outrightly against the Wall Street and the banking system. I am reproducing his views through this article.

It's time to break up the banks.
The greed, recklessness, and illegal behavior on Wall Street drove this country into the worst recession since the Great Depression. Their casino-style gambling has helped divert 99 percent of all new income to the top one percent. And it has contributed to the most unequal level of wealth and income distribution of any major country on earth.
In the midst of all of this grotesque inequality sits a handful of financial institutions that are still so large, the failure of any one would cause catastrophic risk to millions of Americans and send the world economy into crisis.
If it's too big to fail, it's too big to exist. That's the bottom line.
I introduced legislation in Congress that would break up banks that are too big to fail. Can you sign on as a citizen co-sponsor of my bill to show your support?
Click here to add your name as a citizen co-sponsor of my bill to break up the banks.


Banking should be boring. It shouldn't be about making as much profit as possible by gambling on esoteric financial products. The goal of banking should be to provide affordable loans to small and medium-sized businesses in the productive economy, and to Americans who need to purchase homes and cars.
That is not what these financial institutions are doing. They're instead creating an economy which is not sustainable from a moral, economic, or political perspective. It's a rigged economy that must be changed in fundamental ways.
Let's be clear who we're talking about: JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Wells Fargo, Morgan Stanley, and other institutions; they're all too big to fail. So they must be broken up.
Wall Street can't be an island unto itself separate from the rest of the productive economy whose only goal is to make as much money as possible. I fear very much that the financial system is even more fragile than many people may perceive.
Millions of Americans are working longer hours for lower wages, while virtually all new income goes to the people who need it the least. In fact, the top 14 wealthiest people saw their wealth grow more last year than the bottom 130 million have in total.
We must break this cycle to save the middle class in America. Can you show your support for my bill to break up the banks?
Add your name as a citizen co-sponsor to my legislation to break up banks that are too big to fail.


I'm running for President of the United States because I believe that it is incumbent on us to try to take back our country from the billionaires and make it thrive again for the working and middle class. Breaking up the banks is a critical part to making that a reality.
Thank you for all of your support.
Senator Bernie Sanders
Paid for by Bernie 2016
(not the billionaires)
PO Box 905 - Burlington VT 05402 United States - (855) 4-BERNIE
I believe that it would not be long when there would be a revolution, and the reformation of the system would be inevitable. But this is only possible through the ideological empowerment of the masses.

From https://www.icloud.com/applications/notes2/current/en-us/index.html?

I believe that it would not be long when there would be a revolution, and the reformation of the system would be inevitable. But this is only possible through the ideological empowerment of the masses.