Category Archives: Treasury money

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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#MoneyCreation debated by MPs 320 years after the #BoEAct1694

English: The expansion of $100 through fractio...

English: The expansion of $100 through fractional-reserve lending at varying rates. (Photo credit: Wikipedia)

The writers of the Bank of England Act 1694 had the intention

to avoid the serious oppression of Their Majesties’ subjects.

Hence they didn’t allow the Corporation to trade. Should it trade after all, it would have to pay as punishment:

treble the value of the trade.

In theory, this means that the BoE would have to pay the Treasury treble the value of all national and public debt bonds!

Will MPs appreciate this when they debate ‘money creation and society’ this Thursday as part of Backbench Business?

See   Parliament Debate, including the link to watching the debate live .

Further info on Facebook and  these Google results.

2013 in review – as banksters rule the world with money as credit when it could also be interest-free

The WordPress.com stats helper monkeys prepared a 2013 annual report for this blog.

Here’s an excerpt:

The concert hall at the Sydney Opera House holds 2,700 people. This blog was viewed about 8,700 times in 2013. If it were a concert at Sydney Opera House, it would take about 3 sold-out performances for that many people to see it.

Click here to see the complete report.

 

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