I support Chris Cook's ideas in every way, except that they won't happen either at this juncture.  We're just not evolved enough, however much some of the objective conditions call for his approach.

I think it depends on how the propositions are put across. And I don't think we actually have a choice, because the system of credit is terminally fucked IMHO.

First, Peer to Peer investment though unitisation offers a mechanism that wipes the floor with secured debt. Any bank or investor that does not use such a Debt/Equity swap mechanism to exit their crap loans will be at a disadvantage to those who do.

And the more who use it, the more liquid the "Pool" of Rental Units becomes.

Second, Peer to Peer unsecured credit which is interest-free, but not cost-free. What's not to like?

The Carnegie Institute liked the ideas....

Peer-to-Peer Finance: A Flight to Simplicity

Credit and investment may be achieved without the intermediation of banks. Since bank capital will be further depleted as the credit crunch spreads into the productive economy, peer-to-peer finance offers a solution from an entirely unexpected direction.