MPs sign Early Daily Motion about 100th Anniversary of Bradbury Pound – the UK version of the US Greenback

13 11 22 EDMsHow ominous is this: 13 11 18 EDM 748

  1. Our 13th Early Day Motion (EDM) since 2002 is EDM 748  to celebrate the centenary of the historic UK precedent of ‘treasury money‘ as an alternative to ‘bank money‘.
  2. After Austin Mitchell MP tabled it on 18 Nov 2013,  Kelvin Hopkins MP, Jeremy Corbyn MP and Paul Flynn MP signed already!
  3. Besides the centenary for the Bradbury Pound on 7 August 2014, another 100th birthday will take place for World War I on 28 July 2014.

What can we learn from history? Try:

Will you get your MP to sign, too?

TODAY: 99th Anniversary of the Bradbury Pound – historic precedence of Government issued ‘Credit’

I remember reading that Gordon Brown said the Government can either tax or borrow to raise money when he was acting as PM. As if he had forgotten or never knew that governments ought to create money and put it in circulation, if they want to ‘run’ the economy.

BUT: they don’t and don’t seem to want to either.

Here’s a good introductory article: Op-Ed: Debt-free money for 2014?

Here’s a remarkable historic account in 6,000 words: John Bradbury and Thomas Paine.

Here’s a good new video that illustrates the mathematical power of compounding interest upon interest in a debt-based money system: A flaw in the monetary system?

And here are money related petitions you might want to sign:

CAPITALISM EXPOSED for the Parliamentary Commission on Banking Standards

The Commission on Banking Standards invited for submissions and we duly put a document together – in August 2012.

Strangely, the Commission claimed ownership – which, we believe, is contrary to the Copyright Designs and Patents Act 1988.

Even more strangely, the Commission never published our submission – even though our addendum was admitted: a letter from our founder Lord Sudeley and the devastating story by a pension victim…

Three reminder emails and asking my MP Glenda Jackson to check were ignored.

When Lord Turner, Chairman of the Financial Services Authority, spoke about overt monetary financing as the possible ‘solution’ that we’ve been advocating with Early Day Motions since 2002, I felt I needed to tell him and the Commission.

For he talks about “the theory of money and debt”, as if he was in search of the theory that holds astronomy and nuclear physics together! Continue reading

How the Cost of Money differs between HMG, Home Buyers and Personal Borrowers

It’s nice not to be alone in one’s thinking!

Here’s another “Chart of the Week” produced by Grep Opie of the Economic Research Council. It educates and demystifies ‘interest rates’ a little. If you click on the chart you get to the original posting with explanations.

They miss the crucial questions:

  • why should HMG borrow?
  • who doesn’t HMG create interest-free Cash electronically?
  • since banks can create Credit from thin air and charge interest, why have successive governments allowed that to happen more and more?

Gold: from standard to measuring stick

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.

The future of finance

JOINT PRESS RELEASE from CompleteMediaGroup and the Forum for Stable Currencies:

Sterling Cash burning into smoke

Sterling Cash burning into smoke


At 11am on Thursday 23rd April in the House of Commons Grand Committee Room, expert speakers will create the debate on financial reform at the Forum for Stable Currencies.

Expert speakers will be advocating economic democracy through freedom from National Debt. They will address the monetary problems connected with the banking crisis and global recession, discuss solutions to the problems and put together a framework for change. The speakers are leaders in the field and include Lord Sudeley, Austin Mitchell MP, Derek Wyatt MP, Michael Grimsdale ACIB (Associate of the Chartered Institute of Bankers), Abdallah Homouda, political scientist, respected journalist and TV commentator.

The event is sponsored by Bartercard, the world’s largest trade exchange. Bartercard enables account-holding businesses to exchange goods and services with each other, saving valuable cash, without having to engage in a direct swap. Bartercard has created a new form of stable currency; the trade pound, which offers one solution to the economic crisis because it allows businesses to trade and grow without the need for cash or credit from banks. This is increasingly important as private banks have replaced money with financial ‘products’ and ‘instruments’ as a medium of exchange; replacing prudence with profits by accumulating toxic assets, packaging unsustainable debts and selling them on to unsuspecting buyers. As a result the banks are suspicious and unwilling to lend or trade with each other.

Please email sabine@3d-metrics.com if you want to attend.

Notes to editor

Cash (notes and coins) and credit make up the money supply. After the Second World War, 53% of the UK money supply was in the form of credit (debt) issued by banks at interest. Now that figure stands at 97%. By making more and more money from credit (or debt) the financial economy is more and more disconnected from the real economy.

This is inherently unstable as the money necessary to pay for interest on credit is simply not there. That means virtually everybody is borrowing at interest to pay off interest as well as capital. The mathematics of compounding interest on interest results in a cycle of boom and bust. Because the money supply being is controlled by central banks, successive UK governments have tended to increase the ‘National Debt’ to fund growth or ‘fiscal stimulus’ packages, rather than make cut backs to repay the debt (unpopular with voters) or print money themselves. [See the Forum’s petition Stop the Cash Crumble to Equalize the Credit Crunch, asking the Treasury Select Committee to organize an inquiry into the money supply. More on http://tinyurl.com/666rwd]

Financial institutions are increasingly using legal enforcement to call in loans, cause bankruptcies, home repossessions, unnecessary litigation and even suicides. Through the national debt they also exploit and constrain the state’s budget, thus limiting political freedom.

The dubious benefits of unfettered market forces and a Western capitalist ideology have faced no serious opposition since Glasnost (openness) and Perestroika (restructuring) effectively brought an end to communism in the former Soviet Union. Even communist China has embraced capitalism; transforming its economy and becoming a global super-power in the process. It seems the world has made a collective decision to accept the inevitable economic losers as well as winners; deregulate and let the so-called free market work its magic… but now the market’s spell is well and truly broken together with the global economy.

At the recent G20 summit in London, the governments of the twenty most powerful nations on Earth decided to throw over $1 trillion at the ailing financial system. Along with previous commitments, this will take the total to over $5 trillion spent on propping up some of the biggest of those banks, institutions and financiers which have failed us so spectacularly.

Yet, instead of trying to paper over the deep cracks in the global financial system, we should aim to rebuild a more democratic and fairer global economy. Fresh thinking and a modern-day Glasnost (openness) and Perestroika (restructuring) are required for a capitalist world. Ushering in a second decade of meetings, the Forum for Stable Currencies will provide the platform for key decision makers to discuss the hows and whys of creating a better future.
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