EDM 1515

Home Up Signatories 1515

26.06.02

The day the Forum met in the Moses Room again to hear Colin Hines'
views on globalisation and its possible antidotes, Austin Mitchell MP, our Vice-Chairman, put this text down as an "Early Day Motion" [see http://edm.ais.co.uk/ ]


USING THE PUBLIC CREDIT     Mitchell/Austin

That this House,

    1) recognising that the huge expansion of bank lending and the decline
of the note issue as a proportion of available money have meant that the
seignorage return to government and the proportion of debt free money issued
have both fallen heavily as proportions of GDP,

so that

    2) credit has effectively been privatised, to the enormous benefit of
the banks

    3) with an increase in the debt burden on every individual and company;

therefore urges the Government to redress the balance back to the people by

    4) instructing the Bank of England to create credit on an experimental
basis

    5) to be used exclusively to finance specific public investment in
projects, schools, hospitals or transport,

so that

    6) the public can assess the benefit of using the People's Credit for
the People's Purposes as an alternative approach to partnerships with the
private sector (like PPP and PFI)

    7) to see whether this method of financing is better and does not impose
the heavy extra costs of public finance initiative or public private
partnerships

and also

    8) to enable more public sector investment which will stimulate
employment and economic growth;

and further

    9) urges the Treasury to review and report on the benefits and
procedures for using the public credit to achieve higher economic growth and
full employment

    10) in an economy where both have suffered

as the burden of debt, private and public, have increased.
    

The official text (one sentence only) was on http://edm.ais.co.uk/weblink/html/motion.html/ref=1515

The other MPs who signed are:
David Chaytor [Bury North], Alan Simpson [Nottingham South], Rudi Vis
[Finchley and Golders Green] and Martin Caton [Gower].

After our meeting, Desmond Cumberland offered to send me the historic
precedence
: the Motion to Parliament "To Restore the Power to
Issue Money to the Crown" from 1964.

We now have a campaigning tool we've never had before - with historic
precedence.

Above all, it is now worth contacting your MP! www.faxyourmp.com is the easiest via email. 
To get a LOT of MPs to sign is CRUCIAL for political and media attention!

 
To find out how your MP initiates or supports EDMs, press the Members button on http://edm.ais.co.uk/