English: HM Treasury Crest (Photo credit: Wikipedia)
This Early Day Motion is the 13th in our close to annual attempts of reminding Parliament that ‘treasury money‘ is the better way than accepting the slavery imposed by ‘bank money‘.
The text reads:
That this House notes that the hundredth anniversary of the Bradbury Pound on 7 August 2014 is a welcome reminder of the historic precedent for public credit as the sound basis for debt-and interest-free Treasury money and therefore the sound alternative to the national debt and interest-bearing bank money; congratulates the Forum for Stable Currencies for having promoted the public credit since 2002; and urges HM Treasury to follow John Bradbury’s model and address social, economic and political issues across party lines in one fell swoop and avoid wholly unnecessary austerity cuts.
Given the scandal about the falsification of crime statistics by the Police and the three court hearings that illustrate how our ‘child protection’ system is an international scandal, I’d like to add:
The 100th Anniversary of the Bradbury Pound coincides with the centenary of World War I. Re-visiting history will be enlightening on many levels!
The list of EDMs since 2002 is on http://www.forumforstablecurrencies.org.uk/
Posted in Austerity, Banks, Bradbury Pound, Financial products, Government debt, Money, Money Supply
Tagged Bradbury Pound, Demand deposit, early day motion, Forum for Stable Currencies, Government debt, HM Treasury, John Bradbury, White-collar crime
This 48-page booklet (1981) and this 200-page book (1986) are as fundamental as The Money Bomb (1983) – and as true and relevant today as there and then – if you want to understand how ‘money’ has changed from being a ‘medium of exchange’ to being used as a ‘tool for control’!
The title says it all: Government Debt and Credit Creation!
Posted in Austerity, Bank of England, Blind spots, Bradbury Pound, Cash, Creation of Money, Credit, Credit Creation, Debt, Economics, Government debt, Legalized Usury, Money, Money supply, Money Supply, National Debts, Public Debts
Tagged Bradbury Pound, Central bank, early day motion, Government debt, HM Treasury, Money Bomb, Money creation, Thomas Paine
A new Early Day Motion is worth campaigning for:
Tabled by John Hemming MP, Lib Dem Shadow Minister for the West Midlands, its latest state of signatures can be checked here.
Remember that it’s easiest to use WriteToThem to contact your MP and to persuade him/her to sign, too.
Following your article 10 ways out of the credit crisis by Sean O’Grady, we suggested an Eleventh Chinese way as signatories representing a number of citizen groups.
Since then, eleven MPs have signed EDM 1449 which proposes to tax the profits of credit creation.
This is a completely new approach for the Government to deal with the credit crisis created entirely by the financial industry.
So far, Austin Mitchell MP’s EDMs relating to monetary reform focussed on the “cash crumble” that has been happening steadily since WWII.
Now that virtually all money in circulation is generated as credit, Nobel Peace Prize winner Muhammad Yunus who recently visited the Prime Minister says “access to credit should be recognised as human right“.
Instead of the Government feeding banks with yet more money, Austin Mitchell MP says “credit creation needs to be taxed at source”.
In 1944, Labour MP Norman Smith said: “There is always enough money for war, but never enough for health and education.”
In the face of global climate emergencies, should we not put our best thinking together and overcome vested credit interests?
Sabine McNeill, Organiser, Forum for Stable Currencies
Barbara A. Panvel, New Era Coalition
Mary Fee, LetsLink UK
Dave Wetzel, Chair, The Professional Land Reform Group
In the spirit of Thomas Attwood and after receiving the Attwood Award, Austin Mitchell MP was so re-inspired that he tabled Early Day Motion No. 1449 on April 29th. Since an EDM may only consist of one phrase, it is hard to read. For Austin put a lot into it: all the reasons why credit creation should be taxed – which is a new and interesting angle in this credit crisis which should really be called “cash crumble”:
That this House considers that
in the light of the nationalisation of one failing buiding society, the help given to markets by the Bank of England’s boost to interbank liquidity and the huge benefit given to the financial sector by the Bank’s proposal to take on up to £50 billion of unsaleable special purpose vehicles of bundled debt to help the banks, building societies and lending institutions escape the consequences of their own follies is disproportionate,
and should be now balanced by ensuring that the financial institutions which have benefited so substantially from the effective privatisation of the great bulk of credit creation by their power to create money via credit cards, bank accounts, mortgages, loans, special purpose vehicles and other financial instruments
thus ensuring that the seigniorage on money creation which once came to the people on public credit created by the minting and printing of money, now goes into bank profits are taxed on the credit they create
to compensate the taxpayer for the fact that the 97 per cent. of credit creation arrogated by the private sector to use and abuse for its own profit and purposes, rather than the benefit of the public, has been so badly misused and has led to yet another financial crisis of the type financial flesh is all too frequently heir to.
Anybody wanting to contact MPs to sign this proposal could use WriteToThem.
Early Day Motions (EDMs) are a way of attracting attention to events or campaigns and seek parliamentary support for a cause.
Since 2002, the Forum has initiated the tabling of eight EDMs.
Our current one is entitled Green Credit for Green Growth.
In the spirit of ‘Climate Capitalism‘ MPs can be invited to sign via WriteToThem.