The following letter by Alistair McConnachie, editor of Prosperity UK was the lead letter in The Scotsman newspaper on Monday 12 January 2009, and was published under the headline, “Folly of relying on corporate banking sector for money supply into society”:
The fact that we need to “stimulate lending”, that is to say, stimulate indebting people, in order to provide our economy with new money, demonstrates the reality of our debt-based economy and the folly of relying upon the corporate banking sector for the supply of money into our society (“So what if nothing works?” 9 Jan).
The real solution lies in enabling the Bank of England to take responsibility for creating our money supply directly and publicly, free of debt, rather than relying on the corporate banking system to create it out of nothing as a debt for its own private profit.
This reform, promoted by the Bromsgrove Group in the UK and the American Monetary Institute in the United States, will only work if the money is created debt-free and invested directly into society.
The corporate banking system will then compete to attract this money into its savings accounts and build up its capital reserves in this way.
This will be done at the same time as private banks are either forbidden from creating money completely, or have severe credit controls imposed on their ability so to do, thereby ensuring that inflation is not possible.