This video was recorded when Martin Wolf, Chief Commentator at the Financial Times, addressed the Institute of Chartered Accountants of England and Wales and Positive Money.
Here’s one of his comments: Strip private banks of their power to create money.
In 2008 he published the book Fixing Global Finance.
His speech inspired me to send him this email:
Dear Mr Wolf
I have just blogged about your speech Stop banks from creating money on Money as Debt aka Credit. What I notice above all else, is that you talk about the ‘banking system’ without differentiating between the creation of money by CENTRAL banks and other banks and financial institutions.
As the organiser of the Forum for Stable Currencies which we started @ the House of Lords thanks to Lord Sudeley in 1998, I would like to draw your attention to
1. Public Credit
- The Early Day Motions tabled by Austin Mitchell MP since 2002.
- The Bradbury Pound as the UK precedent of 1914 and its history – comparable to Lincoln’s Greenback in the US.
- Green Credit for Green Purposes – Changing the Cash : Credit Ratio of the Money Supply to Ameliorate Climate Change – our submission to the Treasury Select Committee in 2007.
2. Government Creation of Money
- Sovereignty & Seignorage – the Legal Privilege and a Financial Mechanism of Nation States – published in 2005.
- Public Debts for Vested Interest Payments – How Nation States are used to Erode their Currencies and Enslave their Taxpayers – a blog with over 16,000 visitors since 2009.
3. Money as Debt aka Credit: Public and Private
- Enforcement of the Bank of England Act 1694 – to avoid the serious oppression of Their Majesties’ Subjects
- Corporation not to trade – the essence of ‘money’ as medium of exchange rather than a ‘commodity’ let alone ‘financial product’
- Usury and the Church of England – the historic basis for the myth of unsustainable ‘growth’
- Exponential growth of compounding interest upon interest as the mathematical basis for the unsustainability of ‘economic growth’.
4. What’s so dishonest about our money system as the ultimate conclusion.
With many thanks for giving me the opportunity to re-iterate the arguments,
Sabine K McNeill