TREASURY SELECT COMMITTEE has no plans to look into Bringing Back the Bradbury Pound

English: Clockwise from top-left: Federal Rese...

The Bradbury Pound is for the UK what the Greenback is for the US:

  • Cash issued by the Government – rather than Credit borrowed from the Central Bank
  • free of interest – rather than interest-bearing
  • spent by Government
  • rather than banks selling Credit at interest to ‘consumers’.

It is remarkable how ‘economics’ was introduced to obfuscate what ‘money’ is and how bankers have succeeded in getting their Credit accepted as if it was remotely comparable with Government issued Cash.

What is even more remarkable is how ‘people behind the scenes’ have succeeded in setting up more and more central banks via whom to export this fundamental mechanism of Anglo-Saxon hyper-capitalism globally. Iran and Korea are the only countries left.

What hope is there? Let me count the reasons:

  1. Bring Back the Bradbury Pound has started as a voluntary campaign
  2. August 2014 will be the 100th anniversary – so a count-down has begun
  3. The People’s Assemblies Against Austerity have had a major meeting in Central London with a broad base of angry people who don’t buy into ‘austerity’ as a policy that ‘works’.

They have formulated these demands:

  • stop cuts and halt privatisation
  • tax the millionaires and big business
  • drop the debt and put banks under democratic control
  • invest in jobs, homes, public services and the environment. 

Obvious, aren’t they!? Not to the Assistant of the Committee who wrote this letter published here:

The Treasury Committee has no plans to look into this subject in the foreseeable future.

We shall therefore have to educate the assistants and members of the Committee – once again – after we began with Green Credit for Green Purposes in 2008

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?

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

Follow

Get every new post delivered to your Inbox.

Join 389 other followers