Enforcement of Bank of England Act 1694

This Early Day Motion was tabled by our Chairman Austin Mitchell MP on April 20, 2009:

That this House, observing that the intention of the founding Act of the Bank of England in 1694 was `that their Majesties’ subjects may not be oppressed by the said corporation’, notes that those subjects have been seriously oppressed by the Bank’s failure to control the greed, risk-taking and speculation of the banking system over which it presides; and therefore suggests that this oppression should be dealt with as the Act provides by fines three times the value of the abusive trading.

Today the first three MPs have signed. Will you get your MP to sign via WriteToThem

In our observation, oppressions through banks are due to:

1. There is now only a limited number of qualified staff in every branch. In fact, what used to be professional training for a professional body, ACIB, has become a “School of Finance“.
2. The training in “banking” is limited. It consists only of “sales”.
3. There is now little responsibility in local branches.
4. Instead, all decision making has been centralised. This results in the decision makers having little personal knowledge of the client or a perspective about a business.
5. There is little comprehension of day-to-day business issues.
6. There is no realisation of the criticality of time or expediency.
7. There is limited knowledge of supposed Government support. As an example, the Small Firms Loan Guarantee Scheme (SFLGS) was reducing before the crisis.
8. Instead of joined-up thinking, staff are only box tickers and have no room for initiative.
9. MPs have very limited knowledge of the depth of the problems, even before the crisis.
10. Day-to-day business borrowing for “normal” clients has never been excessive. In fact, it was already very restrictive to Small and Medium Enterprises (SMEs) and often even obstructive.

One response to “Enforcement of Bank of England Act 1694

  1. Oppression from banks comes when banks create money to loan (principal) but never create money to pay the interest they want back (and no, it doesn’t come from “work” – “work” or productiono and money are two different things).

    Banks do not loan out deposits – they create new money each time they make a loan. When they fail to also create money to pay interest, there is always more debt than money.

    The result is oppression. The people can never get out of debt. But they do all of the work and the fraudulent paper pushers get all of the money – and free labor to boot!

    Might as well fix it …

    Here’s how:

    Create money as PAYMENT for infrastructure – no loan – no debt – safe modern roads and bridges – jobs – balanced budgets – no debt.

    Did I mention no debt?

    Just fix it. Clearly it’s broken.
    Scrap the part of the old rules that keep you bound to a bad system, and – fix it.

    Right now, there is not enough money in the system to pay the principal owed plus the interest.
    That means, in the aggregate, we have to borrow to pay the interest. That’s right, borrow to get out of debt.
    Never happen.

    It’s a broken system and we need some financial surgury – make the incision, set the bone, heal up – better than ever.

    How to describe it? Monetize the production of your infrastructure as a debt-free final payment.

    It is the only way out of this mess.


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