Open Letter to the Chancellor

According to BBC News, the economy is so bad that the Chancellor went to the Leonard Cohen concert for upliftment. Between Everybody Knows, Closing Time and Halleluja, I would of course recommend First We Take Manhattan, then we Take Berlin

Dear Chancellor

Re: Inspired by Leonard Cohen – “Green Credit for Green Growth“

It was a delight to hear that you also enjoyed the Leonard Cohen concert!

As Chancellor you have the power to do something for the real economy since the financial economy is crippling it in unforgivable ways.

The real economy needs Cash as a medium of exchange. Also known as M0, it is issued by the State and is interest-free. Unfortunately, its share of the money supply has gone down from 48% to less than 3% since World War II.

The financial economy uses Credit to create what they call ‘broad money’. But who creates the interest to pay for Credit? Compounding interest upon interest is, mathematically speaking, exponential and thus unsustainable. We have therefore asked the Chairman of the Treasury Select Committee for an inquiry into a long-term view of the money supply.

Since sustainability is at the core of your budget, green credit would be great fuel for the real economy. Since 2002 the Forum for Stable Currencies has made several proposals including Early Day Motions and most recently a Public Credit Petition. These are available for scrutiny by Treasury staff and by the forward-looking thinkers in both Government and Labour Party think-tanks. We would welcome their involvement and would value their advice:

Early Day Motions: http://www.forumforstablecurrencies.org.uk

Submission to the Treasury Select Committee in response to the Stern Inquiry: http://greencredit.files.wordpress.com/2007/01/green-credit.pdf

Submission to UNEP in response to a Call for Concepts on financing adaptation to climate change: http://greencredit.files.wordpress.com/2007/10/green-credit-for-green-growth.pdf

Public Credit Petition:
http://www.gopetition.com/petitions/stop-the-cash-crumble-to-equalize-the-credit-crunch.html

Besides my analyses of the data base of the Bank of England, my company’s software can help analyse data of any complexity. See www.3dmetrics.co.uk Hence I look forward to hearing from you.

Yours in the spirit of “If it be your will” and maybe even “First we’ll take Manhattan, then we’ll take Berlin”,

Sabine K McNeill FRSA

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