Banking behing the Housing Crisis (video)

Toby Lloyd, from housing charity Shelter was speaking at Positive Money conference about the consequences of the current system of money creation by banks on rising house prices, redistribution of wealth upwards, higher inequality and a culture of unearned wealth.

We are redistributing money, very effectively, through the housing system, away from the poor towards the rich, away from the young towards the old, and geographically as well – away from the poorer parts of the country to richer parts of the country.

This system essentially generates the sense of unearned wealth – most people who have done well out of the housing boom have actually earned more by doing absolutely nothing and sitting on their assets than they have from going to work.