Category Archives: Lobbying

OVER 30 MPs debate #MoneyCreation and Society – #Cash vs #Credit – Governments vs #Banks

UK Parliament debated Money Creation and Society for first time in 170 years.  Here’s what they said – on this video – starting at 11:18:

London, 21st November 2014

On Thursday 20th November 2014 over 30 MPs took part in a debate in the House of Commons on money creation and society. This was the first time in 170 years, since the Bank Charter Act in 1844, that the topic has been fully debated.

 

Money creation affects almost every aspect of our lives, and is directly connected to almost all public policy, including public and private debt levels, house prices, and rising inequality, but it’s very poorly understood. A recent poll found that 7 out of 10 MPs believed that only the government can create money[1], when in fact 97% of money is created by banks as they make loans, as recently confirmed by the Bank of England[2]

 

MPs acknowledged the problem of their own lack of understanding of money creation [1]:

 

Peter Lilley MP stated that “A lot has been made of the ignorance of Members of Parliament of how money is created. I suspect that that ignorance…… explains many things, not least why we entered the financial crisis with a regulatory system that was so unprepared for a banking crisis.”

 

Zac Goldsmith MP was the first to admit at the debate that he does not fully understand the system, stating, “I suspect that most people here would be humble enough to recognise that the banking wizardry we are discussing is such a complex issue that very few people properly understand it.” Continue reading

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THE PINNACLE of Perfidious Albion: George Osborne mounts legal challenge to Robin Hood Tax

13 05 03 Facebook_RHTFrom the co-ordinator of the Robin Hood Tax campaign: “Unbelievably, the UK has mounted a legal challenge to the 11 European countries who are now moving forward to introduce an FTT worth a potential 40 billion euros in 2014. My first message to you is to ask that you to join onto an urgent action to George Osborne to get the UK government to drop this legal challenge.

As a quick bit of context, as of Jan 22nd this year the campaign made a serious breakthrough when European Finance Ministers approved that the FTT could be implemented by 11 countries under a rarely used procedure called “Enhanced Cooperation”. This means that the countries like the UK that are against FTT progress have effectively been sidelined. This jolted the financial sector lobby into action and they have started attacking the FTT in the media on a regular basis. Continue reading

An Open Letter to President Obama …from Michael Moore – in which most of the points apply to the UK, too

An Open Letter to President Obama …from Michael Moore – in which most of the points apply to the UK, too:

Monday, November 19th, 2012

Dear President Obama:

Good luck on your journeys overseas this week, and congratulations on decisively winning your second term as our president! The first time you won four years ago, most of us couldn’t contain our joy and found ourselves literally in tears over your victory.

This time, it was more like breathing a huge sigh of relief. But, like the smooth guy you are, you scored the highest percentage of the vote of any Democrat since Lyndon Johnson, and you racked up the most votes for a Democratic president in the history of the United States (the only one to receive more votes than you was … you, in ’08!). You are the first Democrat to get more than 50% of the vote twice in a row since Franklin D. Roosevelt. Continue reading

Abolish the City of London Corporation: the size and scale of the Financial lobby revealed

Thanks to this Early Day Motion (EDM), which asks for an inquiry into the abuse of power by the City of London, I learned about the Bureau of Investigative Journalism. It writes:

The size and scale of the Financial lobby revealed

Top Story: The £93m City lobby machine. Read more here.
Analysis: The finance lobby faces its biggest challenge.Read more here.
Bureau Recommends: Conviction ‘at all costs’: police cover-up sees verdicts overturned. Read more here.

The financial lobby exposed  
In the wake of the Barclays Libor scandal, the Bureau published a four-month investigation into the influence of the City on politicians and regulators.
We revealed, for the first time, the size and scale of the financial lobby in a project published in the Guardian newspaper.
Our work showed:

  • The British financial services sector spent nearly £93m lobbying politicians and regulators last year. Read more here.
  • 16% of members in the House of Lords are paid by City firms. Read more here.
  • A cosy relationship between the financial services industry and its regulator. Read more here.
  • How the Square Mile’s local authority, the City of London Corporation, works as a lobbyist. Read more here.
  • How the Big Four accountancy firms have given donations of ‘staff costs’ worth £1.36m since May 2009. Read more here.

Continue reading