Category Archives: Economics

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. Continue reading

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It’s “media official”: The economic crisis was an ‘inside job’

When the Washington Post publishes The economic crisis was an ‘inside job’, it must be true.

Rejoice in the points that the author makes about the movie Inside Job written and directed by Charles Ferguson.

Money – the economic weapon in financial wars

This is the subject line in my most recent letter to the Business Minsiter The Rt Hon Dr. Vincent Cable.

It links the creation of credit as ‘money’ as the CAUSE with victims of financial exploitation and legal oppression as the EFFECT.

To create money for the compensation of victims of white collar crimes, it suggests that the Treasury could ‘remember’ how to print money and mint coins…

Repudiate This Lie of a Debt!

This is an excellent article that brings together a few important strands of thought:

  1. references to Congressman Ron Paul‘s positive and negative inititatives and limited understanding of the monetary system
  2. a superb quotation from Thomas Edison about the fact that the Nation should print ALL its money; his original article can be found here
  3. a most positive critique of Abraham Lincoln‘s greenbacks in the London Times
  4. a three-point action list for national governments:
  • repudiate this lie of a national or public debt
  • quit selling interest bearing government bonds on the people’s credit
  • print bills on the credit and spend or give them into circulation in the proper amount “to move trade enough to prevent stagnation but not enough to permit speculation”. (Thomas Edison)

See our Early Day Motion “Using the Public Credit”: the first of our list of Early Day Motions since 2002.

And see Green Credit for Green Purposes – our submission to the Treasury Select Committee in 2007.