OVERT MONETARY FINANCING or ‘Helicopter Money’ Policies – Lord Turner is waking up?


Anatole Kaletsky
writes about the 46-page speech that Lord Turner, Chairman of Britain’s Financial Services Authority gave at the Cass Business School on 6th February 2013.

Positive Money writes Adair Turner tumbles to the merits of a Positive Money idea.

In 2008, I had been advised by a human rights lawyer to ‘go for Parliamentary scrutiny via the Treasury Select Committee‘. Since the Treasury Select Committee had just announced their inquiry into climate change, we submitted Green Credit for Green Purposes.

Since 2002, Austin Mitchell MP has been tabling Early Day Motions to address exactly this: ‘overt monetary financing’ – but under a different label: public credit.

You can really tell from this speech how “the Religion of Money” has won over the Lost Science of Money, as men struggle with: whom to follow and whether to be for or against the ‘current consent':-

  • a virtually surefire method of stimulating economy activity exists today and that politicians and central bankers can no longer treat it as taboo: ‘newly created money should be handed out to the citizens or governments;
  • distribute free money to end deep recessions;
  • quantitative easing for the people;
  • overt monetary financing (OMF) or “helicopter money” as ‘permanent monetisation of government debt and ‘extreme option’ in ‘extreme circumstances’.

Strangely, Lord Turner associates ‘inflationary risks’ and ‘printing money’ with Germany: the Bundesbank, Goethe’s Faust and the devil itself: Mephistopheles.

Money is the fiat, the creation of the public authority. It can therefore be created in limitless nominal amounts. But if created in excessive amounts, it creates harmful inflation.The ability of governments to create money is a potential poison and we rightly seek to limit it within tight disciplines, with independent central banks, self-denying ordinances and clear inflation rate targets.

“The theory of money and of debt” is most offensive to my German mathematical mind. I better tell him, it’s not rocket science after all. It’s just about knowing and understanding what ‘money’ is rather than believing that ‘Credit’ is the only ‘real’ money…!

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7 Responses

  1. Hi Sabine, hope you are well

    Yes interesting from Turner but seems to me just the old monetarist stuff so very Freidmanesq.

    Perhaps sometime Turner might want to understand the assumptions that Freidman put into MV=PY and then he might understand what “excessive” amounts are.

    “independent central banks” oh yeh which ones are they …. they are only as independent as the state allows, its about time that myth was laid to rest.

  2. Sods —– Law.
    April —- 2014.

    For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank— PICTET & CIE. BANK.

    Two yorkshiremen both running their own small family businesses trying to resolve the problem by taking all the correct legal procedures to recover their monies.

    The matter was raised in Parliament – twice– the FSA investigated the matter concluding that PICTET had rogues operating in their London Bank — but the rogues had left —saying no one left to prosecute.??? —– so there.

    We then approached the Financial Ombudsman Service. (FOS) — our case was dealt with by seven different people —- then our numerous E-Mails were ignored — nobody would speak to us ——-so there.

    We then asked the SFO ( Serious Fraud Office.) to investigate our case —- the criteria of our case ticked all their boxes. — we were instructed not to send them any documents/evidence.—— in fact they wrote to us advising us to go to the Citizen’s Advice Bureau.(CAB.)

    Richard Alderman the SFO boss —- who responded to our letter was the same man who would not investigate the “ Madoff” scandal or the “Libor” fiasco.
    The MP’s committee —- said he was sloppy— and the SFO was run like “ Fred Karno’s Circus” —– it was an office of fraud.—– so there.

    Our M.P. approached our local Chief Constable to investigate—– he was called—- Sir Norman Bettison— Chief Constable of West Yorkshire Police —- a force that made “ Dad’s Army” look like the S.A.S. They were inept – corrupt —malicious — from top to bottom. We were criminally dealt with by the Forces Solicitor—- the Head of the Economic Crime Unit —-and the Chief Constable —– so there.

    We were then advised to pass our complaint against West Yorkshire Police to the I.P.C.C. – which we did — they advised us to make our complaint to —- the West Yorkshire Police — we did with reluctance — all we got was abuse and obfuscation. —– so there.

    Sir Norman Bettison —- The Forces solicitor— and the Head of the Economic Crime —- have all been removed from their posts and facing criminal allegations.
    —— so there.

    We even sought justice through the Courts — culminating in a visit to the Court of Appeal-London.— On leaving the Courts of Appeal that day our barrister a “rising star” informed us — that if that was Justice then you can keep it. He quit the law and moved to Canada —– so there.

    A few years later we learned that one of the judges in our case at the Court of Appeal was related to a senior executive of the Pictet Bank —–so there.

    Pictet & Cie .Bank — voted private bank of the year 2013.
    Ivan Pictet —- Voted banker of the year 2012. —- the senior partner — lied on numerous occasions and had documents destroyed — also said genuine documents were forgeries. —– so there.

    Ivan Pictet in Oct. 2013 —- Given the Legion of Honour — but saying that —- honours were given to Hitler — Eichmann — Mussolini —Franco — he’s in fitting company. —-so there.

    MONTY RAPHAEL.Q.C. — Peters & Peters.London. They were the banks lawyers.
    Monty Raphael.Q.C. along with Ivan Pictet withheld crucial documents requested by the High Court —- the FSA —- and the police Fraud Squad. —-so there.

    Monty Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.
    Monty Raphael.Q.C. became a Master of the Bench in Nov.2012.
    An expert in Fraud —the Doyen of Fraud Lawyers. —– so there.

    This says a lot about Banks — the consensus of opinion is that they are highly paid “crooks” —- no wonder they voted Ivan Pictet banker of the year.

    It appears that crimes in the “establishment.” are honoured by their peers.
    “HONOURS AMONG THIEVES.”

    Full Story.—- “google or Yahoo”

    Insert.

    Ivan Pictet.Banker.
    Monty Raphael.Q.C.
    Ivan Pictet/Monty Raphael.

    Update — March. 2014.

    Pictet & Cie Bank —- List of Crimes.

    1996 —– F.S.A— Breach in London.

    2003 —– F.S.A. — States rogues operating in Pictet’s London office. Ivan Pictet states that documents were forgeries but were later proved to be genuine in the British Courts. He had documents destroyed in their London office –hoping to hide the crimes.

    2007 .- – – The Securities and Exchange Surveillance issued a recommendation that the Prime Minister and The Commissioner of the FSA to take disciplinary action against Pictet Asset Management – Japan Ltd.

    2008 .– Dec. – Pictet Bank state – ” We have never chosen any funds linked to Madoff.

    2011 – – – Madoff Trustees sue Pictet & Cie. Bank for $156 Million.

    2011- – – Pictet & Cie Bank abetted a Bribery Scheme – Oil company sues Pictet for $350Million

    2012 – – – April – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)

    2012 — – June. — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank in order to collect large fees. ( Like MADOFF)
    Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90 million lost in this Pictet Ponzi scheme.

    2012 – – – July. — De – Spiegel. — states – Pictet Bank uses a letterbox company in Panama and a tax loophole involving investments in London to gain German millionaires as clients.

    2012 – – – August —- German Opposition Leader accuses Swiss Banks of “organised crime.”

    2013 — Jan.— Swiss MP’ table motion to freeze Tiab Mahmud’s assets of ” criminal origins”
    held in Swiss banks – $18 million held in 5 accounts at Pictet & Cie. Bank. Bahamas.

    Ironically the Pictet & Cie.Bank partners are bigger criminals than the criminals who have accounts in the their bank.

    The bank is now seeking to re-structure — to cut the partners liability – hoping to off load their decades of criminal responsibilty – and move onwards to carry out new crimes. The Germans are right — the bankers should go to prison if found guilty of financial crimes..

    Both Ivan Pictet and Monty Raphael.Q.C. conspired to withhold crucial documents requested by the High Court – the FSA — and the Police Fraud Squad.

    Written Parliamentary Questions received by the table office ..

    (1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

    (2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.

    Quote. ( America’s Top Lawyer .)
    You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.

    *** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.

    The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

    Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”

    *** Started campaign — June 6th.2008.
    5years —- approx 10 .5 million e-mails – – – but still no writs, injunctions or threats of litigation – – – WHY – – – because it is all true.

    *** . The bigger they are — the harder they fall.!!! In America —- they would have all been in prison for the last seven years.

    Feb 2013,— Pictet & Cie Bank Partners remove their unlimited liability.They realise that all their personal wealth is at risk , the people they have conned might want their money back.

    Full Story.***
    . ” Google ” or ” Yahoo” .

    Insert– ( Charles Pictet. Banker.
    Insert– ( Ivan Pictet.Banker.
    Insert– ( Jacques de Saussure.Banker.
    Insert– ( Nicolas Pictet. Banker.
    Insert– ( Jean-Francois Demole.Banker.
    Insert — ( Philippe Bertherat. Banker.
    Insert– ( Renaud de Planta. Banker.

    Update. March. 2014.
    Over the last three years we posted the following on hundreds of sites . —

    *** Were currently waiting for the West Yorkshire Police ;-
    (1) Chief Constable . Sir Norman Bettison
    (2) Forces Solicitor. Mike Percival.
    (3) Head of Economic Crime Unit. Det Chief Inspector. Steven Taylor.
    -to see if they continue to cover up this case like the FSA. – “ watch this space.”

    **** We can now state that all the above have been removed from their posts. All three facing criminal allegations.
    **** These three senior police officials assisted in covering up the crimes carried out by Pictet & Cie Bank and it’s lawyers.

    Swiss Bank Accounts. 2014.

    Is your monies safe in these accounts —- definitely NOT.
    Would you get your money back if every body decided to withdraw all their accounts – NO WAY.
    Economic Experts say that there would only enough money to repay 50% of their clients.
    Are you going to be in the 50% — that loose your money.– Get it out NOW.

    2012 — – June. — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank.Switzerland. in order to collect large fees. ( Like MADOFF) —Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90,000,000 million lost in this Pictet Ponzi scheme.

    2012 – – – July. — De – Spiegel. — states – Pictet Bank uses a letterbox company in
    Panama and a tax loophole involving investments in London to gain
    German millionaires as clients.

    2012 – – – August —- German Opposition Leader accuses Swiss Banks of “organised crime.”

    All the fines that crooked Swiss banks have incurred in the last few years exceeds £75.Billion.
    It is also calculated that the secrecy ” agreements” with regards to tax evation by their clients will cost the banks another £450 Billion.( paid out of your monies.)

    The banks are panicking — the are quickly restructuring their banks —- from partnerships —
    to ” LIMITED COMPANIES.” —– this will probably mean that in the future — they could
    pay you only 10% of your monies ” if you are one of the lucky ones” —- and it be legal.

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