Category Archives: Economics

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


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

Capitalism hits the Fan

This is a seven-minute video by economics professor emeritus R.D.Wolff on the root causes of the current “crisis”.

He is the author of Capitalism hits the Fan and finds long term reasons for the crisis, without hitting the nail of “money from thin air“.

Economics – the “science” that hides banking activities

I’m keen to promote the thinking behind The Global Financial Crisis. Fortunately, I’m not alone: Debunking Economics or How Economists went Astray are two examples. And one of the best resources on the web questioning the crisis is CrisisMaven’s Blog.

Mervyn King has a guru according to The Times

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.

Improving economic indicators and monetary measures

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 addition to 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?

How Economists Went Astray

Here is another “whistleblower” from the camp of economists. As a mathematician I have long been appalled how economists parading as pseudo-scientists, abusing maths for their purposes, only to protect bad banking and accountancy practices.


From Professor Geoffrey M. Hodgson
The Business School, University of Hertfordshire, Hatfield, Hertfordshire AL10 9AB, UK


The Financial Crisis: How Economists Went Astray

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