Derek French is the Director
of the Campaign for Community Banking Services and a former bank manager.
Using the Public Credit
EDM 1515 as a Tool towards Economic
Austin Mitchell MP has been a long
standing campaigner for a monetary policy that helps people rather than banks.
On June 26th
2002 he tabled Early Day Motion 1515 entitled Using the Public Credit which
by October 12th was signed by 24 MPs. Its text when unpacked for
‘normal understanding’ reads:
That this House,
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
credit has effectively been
privatised, to the enormous benefit of the banks
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
instructing the Bank
of England to create credit on an experimental basis
to be used exclusively to finance specific public
investment in projects, schools, hospitals or transport, so that
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)
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
to enable more public sector investment which will
stimulate employment and economic growth; and further
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
an economy where both have suffered as the burden of debt, private and public,
MP has invited all MPs who have signed the EDM to debate with us Where do we
go from here?
We will also be
joined by Niall Cooper, the National Coordinator of the Church Action
on Poverty programme in Manchester http://www.church-poverty.org.uk/
He will be reporting on Debt on our Doorstep www.debt-on-our-doorstep.com
an alliance of activists and organisations who have come
together to relieve the burden of debt, and
to promote solutions to financial exclusion. Among the campaigning areas are:
to promote credit unions and other
community finance initiatives; to promote socially responsible service provision
by high street banks; to campaign for methods of debt recovery to become more
equitable, just and effective by ensuring that adequate protection is available
to people unable to repay their debts.
“The Parliamentary Process needs to make
certain that the Money Supply
ensures its Value”
The Rt Hon Lord Caithness
Money should be the servant
not the master of humanity.
Banks’ abilities to create money
out of nothing must be curtailed.
responsibility needs to be maximised.
ISSUE: DEBT- and INTEREST-FREE CURRENCIES
EURO perpetuates the
money supply as interest-bearing debt.
STABLE STERLING could become a parallel
as a debt-
and interest-free model for
the Commonwealth of Nations.
Land, Labour and Capital
Tax, Barter and Basic Income
Monetary Reform groups
pop up everywhere. The range of
interests is wide and the issues vary from ethical investment and social
credit to green taxes and barter for the third sector.
The Executive Summary from
our Submission of Evidence to the Select Committee’s Inquiry in the Global
"Open Money is
required for an ‘open and integrated economy’.
Globalisation should be called dollarisation or economic
imperialism. It is the
world-wide creation of the ‘need’ for dollars through debt. It is also the territorial proliferation of international
banking practices to supply national currency to finance national governments
and trans-national corporations to employ people."
The FORUM for STABLE CURRENCIES
has been hosting debates between analysts of monetary reform, victims of banks
and institutions and promoters of LETS and Barter Companies since 1998.
Programmes have been distributed to both Houses of Parliament in the
hope that the topics debated become part of the political agenda, especially
as the EURO challenges the sovereignty to issue national currency.
Money Creation (M0)
ought to be a Parliamentary Issue
Since 1967, notes and coins (M0), the share of the total money supply
issued by Governments free of interest
has gone down from 31% to 3%,
i.e. virtually all money is created by banks with a near monopoly.