Category Archives: City of London Corporation

Public Sector Debts and their Absurdity

 

English: HM Treasury Crest

English: HM Treasury Crest (Photo credit: Wikipedia)

Social Credit is the antithesis to Public Debts.

The Absurdity of the National Debt was already published by the then Duke of Bedford in 1947 but didn’t make a difference.

To the contrary: the dependency of Governmental budgets on Public Sector Borrowing Requirements (PSBR) kept increasing over the decades. In other words: Governments continue to sanction public debts for vested interest payments.

This chart published by the Economic Research Council shows the absurdity in nowadays terms, covering 2010 – 2060 in five different population scenarios.

Budgets 1999 - 2012

This chart covers the past years since 1999, when HM Treasury started to publish budgets in a similar way every year.

“Interesting” how the interest costs rose above the defence costs in the 2008 crisis when ‘other’ costs began the ‘austerity cuts’…

The difference that the national debt makes is the amount of vested interest payments!

Mervyn King’s view on ‘the new politics’

This blog entry by Channel 4 economics editor Faisal Islam indicates how the Bank of England pulls the real financial strings behind the political scene and how the City of London runs Westminster and thus the country, not to say the world.

If only it was common knowledge that

1. the first national debt was established in 1694 by setting up the Bank of England; see http://bit.ly/aNRGPw; it resulted in a general debt-based economy world-wide

2. the purpose of the crisis was revealed by the 10-year budget analysis and the “kink” in 2008; see http://bit.ly/aGrAbn

3. there are fundamental differences between the Bank of England’s “quantitative easing” http://bit.ly/cVPxOJ and the Treasury “printing money”: interest, aka vested interests of greed and unaccountability.

May more and more people wake up and understand

  • a Nation’s money supply is fuelled from a number of sources
    • central banks
    • banks and other financial institutions
  • a Government’s budget is only a certain share of the whole of the supply – generally around 40%
  • governments issue money as Cash aka M0,
  • but they “prefer” to borrow, pay interest and charge taxes – for the benefit of bank(st)ers who issue money as Credit out of thin air and charge interest for it….

Follow the money and welcome to hopefully a new level of disillusionment!

The City of London Corporation: the state within a state

This is an excellent article about what surrounds the Bank of England geographically in the City, published on the blog of the Tax Justice Network.

It also links to a Guardian article Labour candidates challenge City bankers’ elite that runs Square Mile.

However, let’s face it: by now procedures are more powerful than people. And all the procedures for emitting ‘money’ as Credit rather than Cash have become firmly established across all the computers of all the financial institutions…

Hence our petition continues to be important, if real change is to take place through the quality and quantity of money that circulates in the financial and real economy.