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

Inquiry into the Accountability of the Bank of England by the Treasury Select Committee

The Treasury Select Committee always does the right things, but business continues as usual despite that…

Here it announces an inquiry into the Accountability of the Bank of England.

It would be good if my submission was not the only one maintaining the status quo… The deadline is March 31st and the text needs to be limited to 3000 words. I’ll publish my submission asap.

1.      The Documents Relating to the Inquiry
1.1.    The Government’s proposal 26 July 2010[1]: A new approach to financial regulation:  judgment, focus and stability.

1.2.    The Governments second proposal 17 February 2011[2]: A new approach to financial regulation: building a stronger system.

1.3.    The Treasury Committee’s Seventh Report[3]: Financial Regulation: a preliminary consideration of the Government’s proposals

Deficit panic – budget austerity and the real cuts agenda

Money-supply

English: The Euro money supply from September ...

New Zealand money supply 1988-2008

The money supply of Australia 1984-2007.

 

 

 

 

David Blanchflower is the economics editor of the New Statesman and has two other professorships, besides having been a member of the Bank of England’s Monetary Policy Committee.

His quotes inspired Ken MacIntyre to write these two articles where he puts into economic language and thinking what we monetary reformers have been saying for decades:

1.     Public control of the money supply and credit creation

2.     A financial transactions tax (Robin Hood Tax)

3.     Restoration of controls on all exchange and capital movements across national borders

4.     An end to speculation by banks Continue reading

Coalition of Resistance: a broad united national campaign against cuts and privatisation

Tony Benn and 73 others wrote on 4 August 2010 in The Guardian: The time to organise resistance is now.

We reject these cuts as simply malicious ideological vandalism, hitting the most vulnerable the hardest. Join us in the fight.

I just saw Mark Serwotka’s most remarkable speech on video on the occasion of a Coalition of Resistance rally. To add fuel to everybody’s fires, I would like to draw to your attention:

1.     The economic crisis was an ‘inside job’ – a summary of the film review Inside Job

2.     The analysis of UK Budgets of the last 10 years – revealing the purpose of the ‘crisis’

3.     The growth of interest payments in the austerity budget – the real reason behind the ‘crisis’

Continue reading

Bank of England and Fed accused of data rigging in the past

The investment community is obviously very much up to speed with naked capitalism as it presents itself before the market of “financial products”.

One of its excellent groupings is GATA, the Gold Anti-Trust Action Committee that sends out remarkable daily news.

Today it unearthed “news” about the interwar period of 1925 – 1931 when the Bank of England rigged the data about gold to manipulate its price,  in cahoots with the Federal Reserve.

GATA has been following the current gold price manipulation for years.

Here’s the latest academic research.

Mervyn King’s response

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.

Open Letter to Bank of England and FSA

Cover letter to the CEOOur 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.

Continue reading

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