What is the big difference between banks and governments? Banks are private corporations and governments are public democratic institutions. Banks create and make money, governments borrow and spend money. Sounds very simple! This might look like a basis for a long lasting relation.
How are the rolls divided? Looks like the government is, they make the rules by banks have to adhere to. During the crisis, private institutions were saved with public money but there were no consequences, and no one was held accountable. Why? For the sake of financial stability. But the financial stability that governments are protecting is an illusion. Governments are saving relations, tolerate cheating and deceiving, because separation is not an option.
The financial industry is completely entangled with the government. This calls for a monetary reform! This calls for political action. Thomas argues that we have to make a fundamental change: separate of the private and public position of money. “Writing news articles pays not as well as writing consultancy reports, but holding the powerful accountable is way more fun than serving them. Consultancy and financial journalism are both about investigating and analysing complex matters. However, as a consultant I was required to hold back the sensitive details of my findings whenever revealing them would go against the commercial interests of my employer. As a journalist I am expected to expose the full truth. Always, even if that leads to conflict or controverse.”
Thomas Bollen (1984) works as a journalist for Follow the Money, an independent platform for investigative journalism in the Netherlands. He is a financial economist specialised in monetary policy and the banking sector. After working as a consultant in the corporate sector Thomas made a career switch to journalism. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx