There is an interesting article by two economics professors from Boston University which sets out A Banking System we Can Trust.
The Times published a story about one of these professors who has supposedly become a guru for Mervyn King. That’s where I’d like to know whether they also talk about “credit money” in general and quantitative easing as the way of central banks supplying banks with credit money.
For that’s what a guru would propose. Because a guru has spiritual wisdom to offer that is inherently of benefit to mankind.
James Turk publishes GoldMoney alerts. His latest one compares gold with 23 world currencies to quantify the loss of purchasing power since 2000.
The Swiss franc lost least with 10.1%, the Euro 10.8%, the US dollar 14.9% and the UK pound lost 15.1%.
Conclusion: taking away the gold standard was a way of democratising the market for gold. But it still remains the most stable currency and is thus a suitable measuring stick.
Today I got the news about the excellent campaign MoveYourMoney and I hope that it will soon find its equivalence in European and other countries!
Meanwhile I was thinking what could be done “at the top” while we, the people, move our money, and I came up with this:
In additionto GDP, inflation and public debt as a percentage of GDP, there are three more fundamental measures that public statisticians should be interested in.
However, this presupposes that there was a move to more transparency and deeper understanding of what’s going on in the financial economy. It also presupposes that politics and the financial economy are there to serve the real economy.
If that was so, the development and publication of the following figures would help future generations:
• Re a government’s budget: – the need to raise taxes vs the need for borrowing, i.e. the consideration to increase ‘narrow money’ as we have suggested in our submission to the Treasury Select Committee’s inquiry into the Stern review: Green Credit for Green Purposes
• Re a nation’s money supply: – the ratio between ‘narrow’ and ‘broad’ money, i.e. the proportion of Cash (issued free of interest by the State) to Credit (issued at interest by banks and central banks)
• Re potential state bankruptcies in international contexts: – the ratio between internal and external indebtedness, i.e. obligations in local and foreign currencies.
Maybe we could complement MoveYourMoney with MeasureOurMoney?
I call it a “fobbing off” letter. Our legal advisor writes “valuable evidence” and one of our victims turned “star fighter” is over the moon because of the inaccuracy it contains. We are still thinking about our response.
This comprehensive article consists of one strong paragraph, lots of significant quotes from all sorts of times and sources and a long list of unsorted and ungrouped links.
Our Chairman Austin Mitchell MP has sent our Open Letter to Mervyn King not only to the Governor of the Bank of England, but also to Hector Sants, the CEO of the Financial Services Authority.
The letter makes three points:
a) false documents are being used to file bankruptcy
b) wealthy individuals are being bankrupted for no valid reason
c) Bank of England accounts are being used as part of insolvency procedures.
Evidence b: the cases of three wealthy individuals and references to Guardian articles about a fourth case the story of Patrick Cullinane
Evidence c1: cover page of a legal document of The Insolvency Service
Evidence c2: page 7 of same document relating insolvency accounts to the Bank of England.
Our aim is to group cases to change the law and to enforce the Bank of England Act 1694. This Act was written with the intention to avoid the oppression of Their Majesties’ subjects by the Corporation, i.e. the Bank of England.
Regarding the enforcement of the Bank of England Act 1694, Austin Mitchell has tabled Early Day Motion 1297 for MPs to sign, while we are publishing the blog EDM1297 for ‘cases’ to record their story of oppression.
If you haven’t come to the conclusion yet that money is THE medium of control, then read this article by a highly professional investor and member of GATA, the Gold Anti-Trust Action Committee.
What can we do as we deepen our insights and change our views of the world?
