The Call for a Royal Commission into the Economic System

A new website CR£DIT, a new letter to The Times with a new list of signatories requesting a Royal Commission into the Economic System.

All this on the basis of thorough historic research and 12 reasons:

  1. Deregulation
  2. Independence of the Bank of England
  3. Role of the European Union
  4. Reserve Ratios
  5. Derivatives
  6. Oil Prices & The London Intercontinental Exchange
  7. Private Finance Initiative
  8. Housing Bubble(s)
  9. Record Levels of Debt
  10. Bank Bailouts
  11. Past Inquiries
  12. Only a Royal Commission will do.

I fear that a Commission will, again, avoid the real issues of credit money, bank money, central bank money, interest and the role of the state vs banks as money issuing institutions.

But let’s take one step at a time.

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4 responses to “The Call for a Royal Commission into the Economic System

  1. Cyril Wilkinson

    Just sent an email to http://www.credituk.org.uk/contact_us.asp outlining that in our current economic system the bad debts need to be cleansed from our system periodically (the “bust”) and not transferred to the balance sheet of the sovereign.

    We need not just reform but we need what should have happened to *actually occur*. If this means that the players (creditors and debtors) are insolvent then they go out of business.

    The damage is still being carried by the general public. This is not acceptable.

    We need banks to do what banks should have been doing. Not playing casino games with sovereign credit.

  2. Cyril Wilkinson

    It so happens that KD has done a post on this.

    It is NOT sufficient to just reform the system. We must take back the stimulus CREDIT (not money as that word is misleading as all our money is loaned into existence).

    That stimulus CREDIT was effectively taken under false pretences.

    If as Alistair Darling said the banks will leave – so be it – the banks are not banks anymore – they should have a title over their door that says “Casino ” since this is what they have become. They no longer fulfil their core function (did they ever I wonder and we just were blind to it before?).

    http://market-ticker.denninger.net/archives/2489-Krugmans-Insanity,-And-The-Hard-Mathematical-Truth.html

    Banks only “earn” great profits by stripping wealth from others as well as engaging in gambling (credit default swaps) and speculation in markets in which they have no business exposure.

    Thus banks are now going to earn their money by stripping their “clients” from both directions even more – the retail counter and via taxation because CREDIT (debt) was used to bail them out.

  3. Cyril Wilkinson

    http://www.debtdeflation.com/blogs/2010/07/14/new-york-debtwatch-talk-modelling-debt-deflation/

    Listen from 50 mins 35 secs onwards from the word “denial”

    (There is a video sound sync issue and so it is probably better to not pay much attention to the video image).

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