This Early Day Motion was tabled by our Chairman Austin Mitchell MP on April 20, 2009:
That this House, observing that the intention of the founding Act of the Bank of England in 1694 was `that their Majesties’ subjects may not be oppressed by the said corporation’, notes that those subjects have been seriously oppressed by the Bank’s failure to control the greed, risk-taking and speculation of the banking system over which it presides; and therefore suggests that this oppression should be dealt with as the Act provides by fines three times the value of the abusive trading.
Today the first three MPs have signed. Will you get your MP to sign via WriteToThem
In our observation, oppressions through banks are due to:
1. There is now only a limited number of qualified staff in every branch. In fact, what used to be professional training for a professional body, ACIB, has become a “School of Finance“.
2. The training in “banking” is limited. It consists only of “sales”.
3. There is now little responsibility in local branches.
4. Instead, all decision making has been centralised. This results in the decision makers having little personal knowledge of the client or a perspective about a business.
5. There is little comprehension of day-to-day business issues.
6. There is no realisation of the criticality of time or expediency.
7. There is limited knowledge of supposed Government support. As an example, the Small Firms Loan Guarantee Scheme (SFLGS) was reducing before the crisis.
8. Instead of joined-up thinking, staff are only box tickers and have no room for initiative.
9. MPs have very limited knowledge of the depth of the problems, even before the crisis.
10. Day-to-day business borrowing for “normal” clients has never been excessive. In fact, it was already very restrictive to Small and Medium Enterprises (SMEs) and often even obstructive.
This blog addresses the core issues of what’s labelled as the credit crisis. It distinguishes between
- economic language – knowing that economics has been created as a soft social science to camouflage what central banks and banks are doing – for private benefit rather than the public good
- monetary language – knowing that the currency of a nation is being manipulated for the purpose of reaching the aim of world government via a single global currency (please google yourself instead of us providing the link) and a single central bank (the World Bank)
- financial language – the statistics that accountants produce and numbers that people use to compare and measure developments over time.
Our online petition Stop the Cash Crumble to Equalize the Credit Crunch addresses the issue by asking the Treasury Select Committee to make an inquiry into the money supply.
This means establishing the share of the Cash that the Treasury generates and the Credit that banks create, especially with a view to long term effects regarding climate change.
Posted in Early Day Motions, Lending programs, Mission, Public Credit Petition, United Kingdom
Tagged Cash + Credit = Money Supply, cash crumble, corporate debt, credit crunch, economic, financial, household debt, monetary, National Debt