A Question I Was Asked:

Isn't the International Banking System Simply Corrupt?

The Question:

Many things have been said about the worldwide debt/banking crisis by many commentators, including yourself. But isn't the major problem that the international banking system is corrupt?

UK Apologetics Reply:

Yes, absolutely. I agree. Okay, this is not a theological question but I will give my view for what it is worth. The major nations work under a banking system which is known as a 'fractional reserve debtor system.' Unfortunately most (but not all) of the world has joined up to this global system. It is based on debt and interest. Ultimately the average Joe and Joan cannot win within this system; the worldwide banking system holds all the aces. A better choice would have been for every nation to have a truly national bank. Here in the UK, there is such a thing as the 'Bank of England,' but it is not what its title claims and is really at the forefront of the world financial system. Some nations, such as Venezuela and Iran have held on to purely national banks which stand completely independent of the world system. Generally, such nations have a far more stable financial structure which cannot be so easily controlled by outside forces.

In an ideal world, a nation's financial/currency system should not be controlled by bankers beyond ones borders. If greed and corruption cause a financial crisis (as has happened recently), it is crazy that some of the worst offenders cannot be brought to justice because they live in different countries. In my opinion, all nations should have kept full control over their own finances. As things stand, having a huge financial crisis in one place could bring the whole system crashing down; it's a bit like having a large building with no fire doors so a fire in one place could destroy the whole building. With fire doors, in theory anyway, a fire in one place can be prevented from spreading. Modern nations should have banking/financial 'fire doors' between each other.

Regarding the world finance/banking crisis from 2008 to the present, it seems to me that only Iceland can hold its head up high. They went after the financial crooks and some of them are now in prison. In contrast to that, here in the UK some of these people were later paid huge bonuses with (at the present moment) no hint of legal action against any individual. In the United States it is even worse: some of those who caused the problems later went into Obama's government as banking/finance advisors - now that is incredible!!
Robin A. Brace. December 17th, 2011.