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  • Writer's picturePhillip Ullmann

Credit Swindle. The central banks blinked and bailed out their buddies once again

Updated: Mar 20, 2023

The central banks blinked and bailed out their buddies once again

It’s grotesque. I’ve said it before and I’ll keep saying it because it makes me so angry.

It’s simply unacceptable that the solution to problems in the banking sector is to hand billions back to the wealthy.

Yet that’s precisely what the Swiss central bank has just done with Credit Suisse. And what the US authorities did over the weekend with their failed banks.

People are struggling to stay afloat. Costs are higher across the board – from inflation, interest rate rises and the energy market, you name it.

Now workers are taking to the streets to protest – the people who keep the country running. Healthcare workers, transport workers, the lifeblood of the economy.

Meanwhile, the UK government appears to have handed a tax break to the elite in its latest budget, with pension tax cuts for the wealthy.

The central banks and the regulators are asleep at the wheel. Why are they persisting with policies that manifestly failed before?

It’s immoral. First of all, on interest rates - they kept them too low for too long; then they hiked them too fast and triggered a crisis.

Now the central bankers of the world are bailing out their buddies who’ve broken the commercial banks.

How do we solve this? That’s the real question.

It’s all very well making our voices heard in protest – an important step to be sure. What we need now are real answers that mean real positive outcomes for ordinary people.

I am convinced there’s only one way.

We need to reset our monetary system so it’s based on values. We must take the focus off command and control from the centre, and turn it instead into a ‘sense and respond’ system.

What do I mean by this?

It’s about meeting people’s needs where they have them.

It’s about building relationships so we’re not all isolated ‘consumers’ trying to eke out our piece of the common goods.

It’s about a form of money that embodies values we can all share – rather than a share of value we all fight over.

We have to learn to put aside the ego-driven feelings of ‘I want’, and learn to see it’s more important that you get what ‘You need’.

How can we create a more transparent system?

I believe we start with technology. We have the means to measure far more accurately and almost instantly who needs what.

Whether it’s people who need help with food or medicine or energy, there are public records we can use to make sure their needs are clearly understood.

We can use a digital currency that can deliver on those needs at the time and place they need them.

The power to deliver in this way can be distributed out into our communities – using assets locked for use in those communities and through civic trusts, mandated to give the support, and held accountable to local leadership groups.

It’s absolutely crazy to do more of the same top down billion-dollar handouts to the 1% like we did in 2008.

And yet Credit Suisse may borrow $54 billion from the Swiss Central Bank to boost liquidity and calm panicked investors.

There’s an alternative and we must use it. I’m working on how to implement digital money that will help society’s most vulnerable and poorest. More on that later.

In the meantime, please share your thoughts and comments below.

This is too important to ignore. If we leave it to the central bankers they will simply create digital money in the shadows.

And it will favour the elite. Again.

When do we say ENOUGH IS ENOUGH?!



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