Tag Archives: government debt

BRING BACK the Bradbury Pound – interest-free – backed by Public Credit – issued by The Treasury rather than Banks

Green Credit for Green Purposes was our proposal to the Treasury Select Committee in 2008 – ‘to do it electronically’.

But on 7 Aug 1914 the Private Secretary to the Chancellor of the Exchequer did it on paper: John Bradbury signed the Bradbury Pound – instead of borrowing money from private investors for the Government.

Justin R G Walker talks about it to Brian Gerrish of UK Column on this video and mentions the ‘credit of the Nation’.

Austin Mitchell MP has been tabling Early Day Motions along the Public Credit since 2002.   It sounds so simple and yet is so profound: Continue reading

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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!

Debts in the Name of the Nation

This petition to save the canal properties of Waterways stirred me to put as succinctly as possible why the National or Public Debt has reached its most heinous peak of abusing “public” for private enrichment. The sell-off of “Government assets” is in the news: BBC, Mail Online, the Telegraph and more.

The National or “Public” Debt in a Nutshell

A Mechanism for the Oppression of Their Majesties’ Subjects

The first National Debt of £1.2 million at 8% interest was created with the Bank of England Act 1694 – when the Corporation was founded with the intention not to oppress Their Majesties’ subjects.  See Enforcement of Bank of England Act 1694.

UK Public Debt 1855 - 2002 This graph shows the exponential rise of the debt (red) in £ billion and the percentage of GDP (blue).

During history, the National Debt was at times annulled, because it was not repayable.

The national debt between 1855 and 2002, published by the Debt Management Office, has unfortunately not been accessible since it was downloaded.

Continue reading