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LOAN SYSTEM NEEDS REFORM -IT'S THE PEOPLE'S MONEY
by Alistair McConnachie
Politicians need practical proposals which are understandable and do-able. Here is a proposal intended to bring the Money Reform issue into the political debate, draw policy-makers into the argument, and put Money Reform on the political agenda. Let's work through it, step by step.
THE PRINCIPLES ... OR "WHAT DO WE BELIEVE?"
1- That the present method whereby virtually all money comes into society as an interest bearing debt to the banking system is contrary to the democratic imperative that the creation of money should be a public service, under public control for the public good.
This democratic imperative can be summed up in the slogan: It's the People's Money.
As Richard Greaves stated (Prosperity, Nov 2001):
"For as long as the power to create money is in the hands of private interests who do it for profit and control, we can never say that we live in a democracy."
And as Bryan Gould, former Economics Spokesman for the Labour Party said in the New Statesman (19-2-93):
"Why shouldn't a socially aware and economically responsible government createcredit where it is appropriate ... in order to ensure investment is made and at the same time strike a great blow for the democratic control of the economy?"
2- That since the government can issue a security -- which is, in effect, an IOU written by the government to the banks -- then the government can create the same amount of money directly and debt-free, without borrowing from the banks.
Politicians need practical proposals which are understandable and do-able. Here is a proposal intended to bring the Money Reform issue into the political debate, draw policy-makers into the argument, and put Money Reform on the political agenda. Let's work through it, step by step.
THE PRINCIPLES ... OR "WHAT DO WE BELIEVE?"
1- That the present method whereby virtually all money comes into society as an interest bearing debt to the banking system is contrary to the democratic imperative that the creation of money should be a public service, under public control for the public good.
This democratic imperative can be summed up in the slogan: It's the People's Money.
As Richard Greaves stated (Prosperity, Nov 2001):
"For as long as the power to create money is in the hands of private interests who do it for profit and control, we can never say that we live in a democracy."
And as Bryan Gould, former Economics Spokesman for the Labour Party said in the New Statesman (19-2-93):
"Why shouldn't a socially aware and economically responsible government createcredit where it is appropriate ... in order to ensure investment is made and at the same time strike a great blow for the democratic control of the economy?"
2- That since the government can issue a security -- which is, in effect, an IOU written by the government to the banks -- then the government can create the same amount of money directly and debt-free, without borrowing from the banks.
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