2002

Home Up

DEBT RELIEF begins AT HOME

Who Can Help: the World Bank? The Bank of England?

During its next three meetings, the Forum concentrates on:

1.      Globalisation as the topic of inquiry
by the House of Lords Select Committee on Economic Affairs.

2.      Sustainable Money as the new forms of self-help initiatives

3.      Community Banking as the ethical style of financial management.

 

NEXT MEETINGS [6pm - 9pm; no ticket or money required]

October 17: Community Banking - Solutions for Unsustainable Debts?
Pat Conaty and Derek French

The Campaign for Community Banking Services is a co-ordinating body for organisations representing sectoral interests adversely affected by the closure of local bank branches, particularly of the last or only bank in a rural or urban community.

Pat Conaty’s expertise is community development banking and micro-credit. He will highlight the findings of his latest report for the New Economics Foundation on Ending Financial Exclusion and Fuel Poverty.  This looks at Community Credit Union mechanisms for assisting the 17 per cent of British households without bank accounts to access affordable financial services. The approach offers practical ways to tackle household debt (for energy, water, housing and other bills) and to avoid money lenders charging rates of 200% APR or more for down market credit.  Pat is also working with London Rebuilding Society http://londonrebuilding.com, a new local co-operative finance institution, on potential ‘interest free’ finance products that could serve as a model for other local and regional initiatives in respect to both business and housing finance.

Derek French is the Director of the Campaign for Community Banking Services and a former bank manager.

 

October 29th:             Using the Public Credit

EDM 1515 as a Tool towards Economic Democracy?

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,

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.

Austin Mitchell 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.  

OUR CONTEXT

¨      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.

¨      Personal responsibility needs to be maximised.

 

OUR ISSUE: DEBT- and INTEREST-FREE CURRENCIES

EURO perpetuates the money supply as interest-bearing debt.

STABLE STERLING could become a parallel currency
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.  http://www.themoneymasters.com/            http://www.openmoney.org  

http://QuayLargo.com/cybercredits/

http://www.douglassocialcredit.com             http://www.prosperityuk.com 

http://www.developmentgap.org             http://www.londonrebuilding.com

http://www.timedollar.org                      http://www.letslinkuk.org/  

http://www.basicincome.org                   http://www.tobintax.org.uk

http://www.transaction.net/money              

http://www.neweconomics.org                http://www.dropthedebt.org/

 

The Executive Summary from our Submission of Evidence to the Select Committee’s Inquiry in the Global Economy states:

"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 (M4)
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.

 

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