My email to


Regarding your letter and comment Common sense and history both suggest a pause in QE and Essential to keep QE available, I am writing as the Organiser of the Forum for Stable Currencies which has been presenting meetings at the House of Lords and Commons since 1998. See our archive site.

I am also writing as a mathematician and systems analyst formerly at CERN, i.e. I have analysed not only the statistics of the Bank of England but also what “money” is and how it is created. Hence I cannot concur with Quantitative easing explained by the FT.

On Money as Debt also Known as Credit, I have published “Quantitative easing” to camouflage “printing credit” which is possibly the best explanation of what QE really is:

  • The printing of “money as Credit” by the Bank of England or any other central bank.

The reason why QE can’t work is obvious to me:

  • if the Treasury were to supply money, it would be free of interest (M0); therefore “printing money” would work
  • “printing Credit” (M4) can’t work
    • 97% of the money supply consists of Credit
    • nobody creates the interest necessary to pay for Credit
  • the Credit share in the total money supply is increased yet more
    • the Cash : Credit ratio gets worse and worse.

Unfortunately, policy seems to be determined by the City and not by Westminster, i.e. the Bank of England and other central banks determine what happens to the global economy. For an excellent overview, you may want to view The Global Financial Crisis by professor of economics Michel Chossudovsky.

Should you be interested in reading more about “economics from a system analytical perspective”, here are a few of my links re quantitative easing:

Since April I am looking after my mum “left of Berlin”. Thus I am now publishing in German what I learned in Westminster:

Sighingly yours,



Organiser, Forum for Stable Currencies, advocating Economic Democracy through Freedom from National Debt

Blogging on behalf of Voters and Taxpayers:

Room 14 – a foundation for change, for victims of our legal and financial system > 300 views

Enforcement of Bank of England Act 1694, an Early Day Motion for grouping cases of oppression, to change the law > 1.000 views

Petitioning the Treasury Select Committee:

Stop the Crash Crumble to Equalize the Credit Crunch: 226 signatures and > 9,600 page views

Financial Fairness for Voters and Taxpayers, please! 43 signatures and > 2,000 page views

Aiming at Parliamentary Scrutiny via the Treasury Select Committee > 2,100 views

Analysing the system of national currencies and their financial, political and legal institutions:

Money as Debt also known as Credit – blog about our core concerns – with > 9,100 views

Lobbying on- and offline:

In the Spirit of the Forum for Stable Currencies – newsblog with > 15,000 views

Political summary with > 2,800 views

Archive site with > 10,700 views

Promoting another future:

Expanding Dr. Yunus’ Sphere of Influence – Social Business and the Future of Capitalism – with > 23,000 hits


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