Please consider asking your Parliamentary election candidates what their party's position is on monetary reform.
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To The Treasury Committee Members*:
April 6, 2010
The Daily Telegraph and its publication last year of FoIA disclosures regarding expenses claims have vilified Members of Parliament and brought the national government into disrepute.
The general population know there is more than meets the eye in this relentless pursuit of MPs by the media. Nevertheless, all shades of the political spectrum are regarded with suspicion by the electorate.
MPs of all parties now have an historic opportunity to bestow an unparalleled benefit upon the people of this country by implementing wholesale reform of the debt-based fractional reserve money system of the UK.
Proposals:
(i) Abolish the private banks' power of issuing the nation's currency by means of interest-bearing credits and vest the power of currency issuance exclusively in the Government. Thereby also abolish Ponzi-scheme style fractional reserve lending, whose inherent instability threatens the integrity of the financial system.
(ii) Issue the currency without interest/bank rate.
(iii) Re-nationalise The Bank of England, currently an agent of the 'Treasury', thereby bringing it back into public ownership and Government control. The Bank of England was *not* "freed" from political "interference" in 1998 and was not truly nationalised, in economic terms, in 1946.
(iv) Dissolve "Bank of England Nominees Limited" allegedly owned by The Bank of England, assigning its holdings/assets to the Nationalised Bank of England.
(v) Withdraw the privilege under law afforded to The Bank of England by the DBI&S/DTI of not having to disclose accounts or corporate details.
From :
"In their book 'Creating New Money' (2003) Joseph Huber and James Robertson assert that [removing money creation from the private banks and investing it in the public purse] would be the equivalent of saving 12p in the 1 on income tax for the average tax-payer. Alternatively it would enable a government to increase spending by the equivalent of 6p in the 1 on income tax whilst at the same time decreasing taxes by 6p in the 1. This would involve a straightforward 'swap' of the existing arrangement of money being privately created for new publicly-created money and so would have no impact upon inflation. During a recent election, the Liberal Democrats made a big thing about proposing an extra 1p in the 1 on income tax to pay for education, allowing for an extra 5 billion to be spent on our schools. With money reform, we could have an extra 1p in the 1 for education, an extra 1p in the 1 for the NHS, an extra 1p in the 1 for increased pensions, an extra 1p in the 1 for transport, an extra 1p in the 1 for the armed forces, an extra 1p in the 1 for the police and fire services and still have had a 6p in the 1 cut in our tax bill."
"With any debt bearing a charge of interest, the total debt due will always exceed the amount borrowed. With 97% of the money supply created as a debt at, say, 5% APR interest, the amount of debt-free money needed to pay the interest will be 4.85%, but there is only 3% of debt-free money available, so the other 1.85% has to be borrowed to pay the interest. (Yes, UK plc is borrowing to pay interest!) Debt-based money causes inflation of a small but insidious nature, because more money has to be continually created to meet the interest on previous borrowing. The present government's 'target' of 2.0% inflation represents the extra amount of money needed by the economy as a whole to pay the interest on previous borrowing, over and above the amount of money needed to run the economy. So with debt-based money, a zero inflation rate is impossible."
_Expansion Of The M0 Aggregate From 2% To 100%_
"At a Gala dinner in Leeds, On October the 21st 2008, Mervyn King, the acting Governor of the Bank of England, announced to a sombre audience that the bank finds itself in the same position it faced at the onset of the Great War in the summer of 1914, however, he made no mention of how the then Secretary to the Treasury - John Bradbury -- solved that identical problem back then by intervening with an issue of 500 million Treasury Notes which were given to the banks free of charge to stop them collapsing after they ran out of enough gold coins to redeem the millions of baseless "Promises to Pay" that they had issued to an unsuspecting public. He could have recommended similar measures on this occasion but chose, instead, to remain silent. Three days later, Mr. Bean, the appropriately named Deputy Governor of the Bank of England, announced that the crisis was the worst in the entire history of mankind...
THIS HISTORY (THE OTHER ROAD TO SERFDOM) PROVES THAT - LIKE ALL THE OTHER RECESSIONS SINCE 1694 -- THIS ONE COULD BE ENDED IN 24 HOURS AND THE OTHER ROAD TO SERFDOM AVERTED USING THE "QUANTITATIVE" EXPANSION OF THE M0 AGGREGATE FROM 2% TO 100% - "THEY ARE LYING WHEN THEY SAY THEY NEED TO CUT PUBLIC SERVICES & RAISE TAXES"."
_The Guernsey experience._
Guernsey is an island state located among the British Channel Islands about
75 miles south of Great Britain. In 1816 its sea walls were crumbling, its roads were muddy and only 4 1/2 feet wide. Guernsey's debt was 19,000 pounds. The island's annual income was 3,000 pounds of which 2,400 had to be used to pay interest on its debt. Not surprisingly, people were leaving Guernsey and there was little employment.Then the government created and loaned new, interest-free state notes worth
6,000 pounds. Some 4,000 pounds were used to start the repairs of the sea walls. In 1820, another 4,500 pounds was issued, again interest-free. In 1821, another 10,000; 1824, 5,000; 1826, 20,000. By 1837, 50,000 pounds had been issued "I returned from Guernsey last weekend. It is a fascinating little island. There are about 60,000 permanent residents on the island. The average family owns 3.3 cars, their unemployment rate is zero and their standard of living is very high. There is no public debt. There is a surplus of public funds which earn interest. The Guernsey Treasury increased the Ml of the island by 40 percent in the last three-year period, and this increase did not do anything to inflation. The price for a gallon of gasoline in England translates to about $5US whereas, the price in Guernsey is about $2US. Contrary to the teachings of current economics in all higher institutions, inflation is not related to the volume of money but rather to the size of the commercial debt."
- Committee Members
(1) Nick Ainger MP (2) Mr Graham Brady MP (3) Mr Colin Breed MP (4) Jim Cousins MP (5) Mr Michael Fallon MP (Sub-committee Chairman) (6) Ms Sally Keeble MP (7) Mr Andrew Love MP (8) Rt Hon John McFall MP (Chairman) (9) Mr George Mudie MP (10) John Mann MP (11) John Thurso MP (12) Mr Mark Todd MP (13) Mr Andrew Tyrie MP (14) Sir Peter Viggers MP
Copies:
(15) Mark Field Esq MP, Westminster & City of London, Conservative Party House of Commons Palace of Westminster SW1A 1AA
(16) Vince Cable Esq., MP, Liberal Democratic Party House of Commons Palace of Westminster SW1A 1AA
(17) British National Party National Central Office Admail 4148 London EC12A 1UY
(18) United Kingdom Independence Party / UKIP London Regional Office London SE1 3XS
(19) The TaxPayers' Alliance London Office
43 Old Queen Street LONDON SW1H 9JAcc: Internet: alt.politics.british,uk.finance,uk.media,uk.politics.misc