 Banking expert James and Cheshire, Rachel and Wimbledon. Good morning. Good morning. We've got Sean here as well. Hi Rachel. Hi there. What's your story? The thing that you asked earlier this morning was do the big banks still have too much power? And I would absolutely say that they do. One of the things that hasn't changed at all since the financial crisis and one of the things that caused the financial crisis was the power that big banks have over our economy, over our lives. When create loans, extend loans to people, they actually create money at that point and then they charge us interest on the money that they lend us. And they know that they can do this because the government, the Bank of England will bail them out as they do the last financial crisis. This is part of a much bigger system change that we need to change. It's a system we've created and it's a system that we can change. And I would encourage anybody out there to look up positive money, who talk about this, who expose this through their research and who campaign about it around the country through their local groups and their supporters. Right, Sean, can you enlighten us any more, apart from Rachel as thus far? Well, banks obviously do provide a very wide service to a lot of people. I like the things you said about the creating money out of thin air and then charging your interest for it. Yeah, I'm notional a lot of this, isn't it? Well, Francis does a lot of work on that kind of thing about what is going on behind the scenes. It's your Freddie Max and your Fanny Max, isn't it? No, that's a very American thing. And I think we shouldn't get hung up on that. I mean, the way American mortgage market works is entirely different from the UK. They securitise everything and basically banks get mortgages off their bansheets and dump them into these huge warehouses, which is what Fanny May and Freddie Mac are. It's very, very different from the UK. Fanny May and Freddie Mac. I thought there were two Macs. Yeah, Fanny May and Freddie Mac. Very, very different from the UK and we shouldn't confuse the two. This one has been a kind of a long-running demand now since the financial crisis to sort of shock horror banks create money when they lend, which for a long time, economists said no, they don't. And then the Bank of England waited and saying yes, they do in about 2014 and everybody went quiet. We, it's still one of these, one of the benefits of moving to a system where banks are not allowed to create money at all when they lend. They must pre-fund all loans. And what are the costs? And I haven't looked at this fairly extensively myself. I remain unconvinced of the benefits of such a system because I think that it would give way too much power to the central bank. Rachel, do you want to come out? Yeah, I didn't quite catch the last bit of what Francis said there. Sum it up, Francis, in a sense. Okay, if I sum it up, I looked at this in some detail and concluded that actually it would be extremely difficult to remove the money-creating power from banks without giving what I would call far too much power to the central bank and in particular requiring the NPC to make decisions about how much money the economy needs really quite far in advance. Yeah, do you believe that at the moment it is fair though that up to 97% of the money in our economy is created by private banks and it's up to them, private institutions, where that money goes. It's not a slightly better balance than we currently have, but the central bank which is ultimately accountable to the people should have more say than these private institutions. Well, interesting, Rachel. I've had a look at what you referred us to, positive money, and it's a very, very interesting line that they're taking, which is what you're telling us about, that we face massive challenges in the world and changes in the world, whether they be economic or environmental, and the banks aren't fit for purpose for those purposes. Absolutely, and I think a lot of people around the country are feeling this sense of, you know, we can't just twink around the edges here. There is a system that is actually broken that is serving the 1% at the expense of everybody else. Inequality is soaring in the UK. House prices are hugely out of the reach for most ordinary people. We are not tackling the environment crisis. It actually changed the course, the root causes of this, and people around the country, politicians, economists are gradually waking up to this, but I really encourage you to check out positive money videos, our resources on there, because it's just, it's so clear it's not working well. It's a very, very interesting perspective, and thank you for putting it out there this morning.