“A great vampire squid, wrapped around the face of humanity, relentlessly jamming its blood funnell into anything that smells like money.” That was how journalist Matt Taibbi described Goldman Sachs in a Rolling Stone exposé from 2008.
Now, after what is perhaps the biggest example of private-sector market-failure the world has ever seen, the banking system that fuelled the crisis is fundamentally unreformed. Even on its own terms the banking system is broken.
To design a banking system that is fit for purpose and able to underpin the imminent Great Transition to a new, low carbon, high well-being, and stable economy, we need to revisit the social and economic contract that banks have with society. We must take back our banks.
We need banking that is more like a public service, a utility that helps the productive economy function. This animation from the Great Transition campaign to take back our banks asks: when will politicians find the will to make it happen?