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
Posted in Bank of England, Central Banks, Fractional reserve banking, Money, Money supply, Public Credit Petition, Treasury Select Committee, United Kingdom
Tagged Austin Mitchell, Bradbury, Bradbury Pound, Brian Gerrish, Central Bank, Cyprus, Early Day Motion, Government, government debt, Greenback, John Bradbury, Treasury Select Committee, Twitter, United States, William Franklin
Let me count the ways:
- National Governments:
- borrow according to “Public Borrowing Spending Requirements” (PSBR) and pay interest.
- Instead, they could issue interest-free Cash into the economy.
- While ‘creating money’ is the sovereignty of nation states, banks have expanded their ‘habit’ of creating Credit and turning it into ‘financial products’ such that their ‘money’ virtually represents all money in circulation (estimated to be 97%, whereas, in the UK, it used to be 53% at the end of WWII).
- Governments are supposed to either borrow or tax as their income stream, when, in reality, they should create interest-free Cash (or Green Credit) rather than allow banks to create interest-bearing Credit ad infinitum.
- For governments to borrow AND to tax is an affront and insult to taxpayers. They should simply create interest-free Cash to spend it into the economy.
- Taxpayers are made to believe a system of annual budgets, while long term trends show the realities of
- inflation of prices
- inflated credit supplies
- and the continuous growth of Governmental interest payments on national debts.
- Central Banks:
- pose as national banks, when, in reality, they are privately owned, albeit well disguised. See Bank of England Nominees.
- manipulate gold and currencies internationally – always for the benefit of the ‘financial economy’ and the detriment of the ‘real economy’.
- create Credit from thin air
- dare to ‘sell’ it for ‘interest’
- invent ‘financial products’, when they could provide an honest service.
- The Camouflage of What Bankers are doing through Teaching Economics:
- Credit created by banks (and other financial institutions) from thin air, is turned into Cash, as if there was no difference.
- Creating Cash is the monopoly and privilege of a Nation State.
- Creating Credit is the monopoly of banks, central banks and other financial institutions.
- Nobody creates the interest charged for Credit.
- Ignoring exponential growth of compounding interest on interest and instead, promote the unsustainable notion of ‘economic growth’.
- The problems associated with ‘money’ depend on whether we talk about it as
- Cash in our pockets
- Credit in our bank accounts
- the Budget of a government
- or as the currency of a Nation where Central Banks are the global players.
- Honest Money is a challenge to banking in the day-to-day dealings of handling money as debt aka as credit
- We the People are all victims, since Central Bankers have been ruling, since the Bank of England was established in 1694 – albeit with the intention of avoiding the oppression of Their Majesties’ Subjects – which is why we ask for the Enforcement of the Bank of England Act 1694.
- The myth of Public Debts and their necessity is perpetuated, without spelling out the beneficiaries, teaching the damages or generally being open and transparent.
- In the UK, the deadly embrace between The City of banksters and Westminster of civil servants and politicians ensures that HM Partnership reigns with immunity to prosecution.
- As a result, ‘money’ is ‘toxic’.
- Healthy ‘mutual credit‘ would enable the flow of goods and skills through society.
- Healthy money would be like healthy blood in a body and clean water in nature: enabling and enriching.
- Instead, the issuing of ‘credit’ without issuing the interest required, ‘toxic money’ is oppressive, restrictive and controlling.
If only banks were made responsible or accountable, they could not expand their control, while politicians are already in their pockets.
But, they are entrusted with ‘self-regulation’, just as the legal profession which is equally derailed.
The dishonesty of money is, however, being challenged by the class action of Americans who are suing The Fed.
The book Dishonest Money, published in the US, explains the same principles.
Posted in Bank of England, Bank of International Settlements, Central Banks
Tagged Bahamas, Bank of England, Business, Cash, Central Bank, Credit, England, European Central Bank, Federal Reserve System, Financial Services, FinancialServices, Government, Mervyn King, Money, Money supply, Nation State, public debt, Their Majesties, United States, World War II
Economist James K Galbraith gave a presentation to the Senate Judiciary Committee in which he speaks of “financial fraud” as the cause for the “crisis”.
But that’s not enough:
- Central Bankers create “currency” as “public debt” from thin air, charge interest to the Government (in the UK as much as the military budget) and call it “quantitative easing“
- Bankers create “credit” from thin air, charge interest for their sort of “money” and get bailed out by Government
- The Treasury prints notes and mints coin, as Cash, free of interest, but still believes it has to “borrow” money from the Bank of England…
Enter we, the taxpayers:
- we believe that the Government runs the economy, when, in fact, their budget represents maybe around 40% of the whole money supply
- we believe that the Bank of England supervises banks and does it for the benefit of the country, when, in fact, it works for the benefits of its shareholders, like all other central banks
And what about taxes?
Before the creation of the Bank of England in 1694, monarchs created money and demanded taxes. However, the first “national debt” consisted of £1.2 million at 8% for the King to fight a war with France.
This pattern continued such that more and more Credit was issued as “money”, while the need for Cash was more and more reduced:
- since WWII 47% Cash went down to 3% Cash
So the Government colludes in the central bankers’ game of ruling the world with currencies (and the loss of their value) and credit money (and the loss of its value), while the real economy, with its real values is exploited and oppressed.
In theory, neither taxes nor spending cuts are necessary.
In practice, it seems to depend on who influences whom with what kind of knowledge and understanding or beliefs and myths…
In our efforts to stage a Public Inquiry into White Collar Crime, we need to include the creation of “money” as the ultimate institutionalised white collar crime… But who cares???
Justice for All are campaigning against spending cuts regarding legal advice. Maybe they’ll realise where spending cuts fit into the larger picture of creating “credit” from thin air and calling it “money”…
Posted in Bailout money, Borrowing, Credit, Credit Crisis, Credit Crunch, Debt, Government budgets, Money supply, Quantitative easing
Tagged Bank of England, Central Bank, Credit, Government, Monetary Policy Committee, Quantitative easing