The Forum for Stable Currencies was co-founded by Lord Sudeley and Sabine K McNeill. It was the result of Lord Sudeley trying to get justice for two incidents in his family of unique notoriety: Lloyd’s bank had made his great-grandfather bankrupt and his grandmother’s estate was sold against the interests of her heirs.
As an event organiser, I put a programme of meetings together which resulted in a number of political initiatives, starting with questions with written answers in the House of Lords. Meetings have taken place since 1998 and the chronology of websites relating to these issues are here.
Our concerns are:
- “economic democracy” through freedom from national debt: this is the mechanism of governments borrowing money at interest instead of creating it interest-free; in the UK, the budget share of interest payments is similar to the military budget
- the Cash : Credit ratio in the money supply: state-created money is interest-free Cash (notes and coin) which banks call ‘narrow money'; bank-created money is interest-bearing Credit, also called ‘broad money'; this has devastating effects due to the exponential nature of compounding interest. In the UK, after WWII, there was about a 50/50 balance. Now there is an estimated 3% Cash in the money supply
- nobody creates the interest necessary to pay for credit – whether at state, corporate or personal level; we need to borrow from Peter to pay off interests due to Paul
2. on the economic level of measuring wealth and prosperity:
- inflation and deflation never take an increase or decrease of the money supply into account
3. on the political level of national sovereignty:
- the sovereignty of a nation state to issue a national currency has been gradually undermined
- the financial power of national governments is minimal compare with the financial power of multi-national corporations
- the financial economy has taken control over the real economy
4. on the level of providing public services
- “There is always enough money for war, and never enough for health, education and the environment.” – Norman Smith MP, 1944
- pensioners and investors are losing out on unprecedented scales and in completely undefensible ways
- effective measures to tackle extreme weather and climate change are at the bottom of “political to do lists”
5. on the legal level of enforcing the repayment of debt
Since meetings didn’t seem effective politically, I shifted emphasis towards on-line activities, such as blogs and three on-line petitions
- Stop the Cash Crumble to Equalize the Credit Crunch
- Financial Fairness for Voters and Taxpayer, please!
- Stop the Oppression of the British people.
However, since 2009, a number of meetings have taken place that were recorded on video:
June 23, 2009: Challenging the Recession – House of Commons.
March 9, 2010: Stop the Oppression of the British People – House of Lords.
Jan 25, 2011: Towards a Public Inquiry into White Collar Crime – House of Commons
Feb 22, 2011: Attempting a Citizens Arrest – North London