Letter from the Treasury

From today’s mailman:

Dear Ms McNeill

Thank you for your letter dated 26 July 2008 about the supply of money, to the Chancellor of the Exchequer. We apologise it has taken this length of time to reply. The Chancellor receives a very high volume of correspondence and so it is not practical for him to respond to all the letters he receives. Therefore, I have been asked to reply on his behalf.

Your question is related to the operation of monetary policy, which is run independently of Government by the Bank of England in accordance with the Bank of England Act 1998. Therefore, it would be inappropriate for Government to comment on the Bank of England’s actions.

The Government has no plan to investigate the impact of the current composition of the UK money supply. However, we continue to monitor the situation.

Yours sincerely,

Azad Zangana
Macroeconomic & Fiscal Policy Directorate

Westminster in bondage to the City

Here’s what Ronald Rankin, publisher of Scottisch Monetary Reform and author of the oldest statistics about the Cash : Credit ratio writes about the current crisis:

Instead of Banks being allowed to CREATE ‘money’ out of nothing and then convince our Governments to legitimise this with gilt-edged securities, and after that have the audacity to lend it to said Government treasuries plus usurious interest; it must be put right way up where the State (in the name of the people) creates its own money, including debt/credit, and obliges private Banks to borrow from them at a low rate of interest which accrues to the State.

From the Publisher of a “History of Usury”

Public Credit Petition

My warmest congratulations to you for the inspiration (and implementation) that lies behind The Treasury Select Committee Petition. I think this will touch a nerve as it is something that ordinary people can understand…and politicians can make speeeches about. Also the timing is excellent…and the Online Petition addresses the modern governance problem of the Democratic Deficit, representing the other side of the Early Day Motion coin.

You may now find yourself inundated with requests for Frequently Asked Questions (FAQ) and Fact Sheets. Do not be shy to ask for my help. It is in this context that the work this Spring on the Swabey (Usury and the Church of England) and Tawney (The Damnable Sin of Usury) manuscripts (and chronologues) may have a part to play. Thomas Robertson’s Human Ecology is also needed…OCR’d but unedited.

More on The History of Usury and from the Ciff’s Edge Signalling Company