You describe how banks will be forbidden from lending money from current accounts, but will this only apply to deposits denominated in Pound Sterling? Could banks get round this and still create money by lending in another currency? What could stop the British banks from doing this when they hold plenty of Euros and Dollars for example and can borrow much more?
Thanks for your comment Gary. If it was passed in the UK, the reform would only apply to Pound Sterling. The USA would need to pass the same reform for it to apply to dollars. Money creation could take place by loans made in other currencies within the UK, but it shouldn’t be a significant problem. After all, not many people buying a house in the UK would want to take out a mortgage denominated in US dollars, because they would risk their mortgage becoming 20% larger as a result of exchange rate changes (before varying interest rates are even taken into account).
After only reading part of your site. I now know a lot more than i did. I would like to ask the question. Are there any UK parties taking onboard this theory? If they are i will vote for them. It is the only way forward for us. Until there is a party following this theory i see no point in voting.
Hi Piper, none of the major parties even comment on this subject, although there are a few (less than 15) MPs (from various parties) who do understand the issue.
However, the big parties will only pay attention to the issue once the voters are demanding that they do something about it – as they did with the bonuses issue. If you want to start things happening, you might want to try to contact your own MP and discuss this with them, but the most effective thing we can do is spread the word and let your friends, family and colleagues know about this problem as well.
You could look at the Money Reform Party , although they may not have a candidate running in your area.
I appreciate your efforts to bring awareness to this important area of reform. Only then will we be able to make an informed choice and make the decisions necessary to create a different reality.
I wondered whether you are aware of the of the work of Peter Joseph as highlighted in the film Zeitgesit:Addendum?
Maybe it goes deeper in its analysis of the social and economic crisis we find ourselves and the radical reforms necessary for a paradigm shift entirely… to those to whom it seems utopian it may seem unrealistic but among other things going back to a resource-based economy seems necessary. I wondered what your views were?
I am aware of Zeitgeist (1 & 2) and Peter Joseph’s Venus project. It definitely covers a much wider range of issues than I do here. However, the ‘Venus project’ is calling from a complete revolution – in reality, change tends to happen gradually. That is why I focus on just the monetary issue – this is just one thing that I believe has to be done before we make any progress in any direction (whether towards a stable, meritocratic form of capitalism, or some other model of society such as Peter Joseph’s ideas).
Regarding the resource-based economy, I do think that the financial sector is over-grown (again, a natural result of allowing banks to issue the money supply to the economy). On the other hand, I don’t think that we all need to go back to working the land. With all the technology we have, we can definitely work fewer hours and enjoy a better quality of life. This is a big topic but I’ll be writing something more on the resource issue shortly.
Ben, thank you for your outstanding work on this subject. I read Zarlenga’s book and was blown away. I am in the process of getting copies of it for other members of my family. This is probably the #1 issue that needs to be addressed both in the UK and USA, the US is already in danger of entering a debt-deflation mode like Japan.
Elliot
Birmingham, AL
Hello Ben
I only became aware of your work today – great stuff!
My believe is that the Bank of England should be closed down as it is nothing other than a private corporation benefiting the banking ’system’ as a whole backed up by the judiciary – all part of the debt scam. Did you know that all county courts have been instructed to ‘railroad’ any cases brought against banks through the courts and are to be ordered in favour of the banks even if the banks are breaking basic contract laws etc?
Very best
Peter
For the technically minded, or those with an understanding of banking, the technical proposal outlines the exact changes that need to be made to accounting regulations and the banking system as a whole. Read more...
You describe how banks will be forbidden from lending money from current accounts, but will this only apply to deposits denominated in Pound Sterling? Could banks get round this and still create money by lending in another currency? What could stop the British banks from doing this when they hold plenty of Euros and Dollars for example and can borrow much more?
Thanks for your comment Gary. If it was passed in the UK, the reform would only apply to Pound Sterling. The USA would need to pass the same reform for it to apply to dollars. Money creation could take place by loans made in other currencies within the UK, but it shouldn’t be a significant problem. After all, not many people buying a house in the UK would want to take out a mortgage denominated in US dollars, because they would risk their mortgage becoming 20% larger as a result of exchange rate changes (before varying interest rates are even taken into account).
After only reading part of your site. I now know a lot more than i did. I would like to ask the question. Are there any UK parties taking onboard this theory? If they are i will vote for them. It is the only way forward for us. Until there is a party following this theory i see no point in voting.
Hi Piper, none of the major parties even comment on this subject, although there are a few (less than 15) MPs (from various parties) who do understand the issue.
However, the big parties will only pay attention to the issue once the voters are demanding that they do something about it – as they did with the bonuses issue. If you want to start things happening, you might want to try to contact your own MP and discuss this with them, but the most effective thing we can do is spread the word and let your friends, family and colleagues know about this problem as well.
You could look at the Money Reform Party , although they may not have a candidate running in your area.
Thanks for your reply. Will keep reading and let you know how things go with my end on spreading the word. Keep up the good work
Hello
I appreciate your efforts to bring awareness to this important area of reform. Only then will we be able to make an informed choice and make the decisions necessary to create a different reality.
I wondered whether you are aware of the of the work of Peter Joseph as highlighted in the film Zeitgesit:Addendum?
Maybe it goes deeper in its analysis of the social and economic crisis we find ourselves and the radical reforms necessary for a paradigm shift entirely… to those to whom it seems utopian it may seem unrealistic but among other things going back to a resource-based economy seems necessary. I wondered what your views were?
thank you
Conrad
Hi Conrad,
I am aware of Zeitgeist (1 & 2) and Peter Joseph’s Venus project. It definitely covers a much wider range of issues than I do here. However, the ‘Venus project’ is calling from a complete revolution – in reality, change tends to happen gradually. That is why I focus on just the monetary issue – this is just one thing that I believe has to be done before we make any progress in any direction (whether towards a stable, meritocratic form of capitalism, or some other model of society such as Peter Joseph’s ideas).
Regarding the resource-based economy, I do think that the financial sector is over-grown (again, a natural result of allowing banks to issue the money supply to the economy). On the other hand, I don’t think that we all need to go back to working the land. With all the technology we have, we can definitely work fewer hours and enjoy a better quality of life. This is a big topic but I’ll be writing something more on the resource issue shortly.
Ben, thank you for your outstanding work on this subject. I read Zarlenga’s book and was blown away. I am in the process of getting copies of it for other members of my family. This is probably the #1 issue that needs to be addressed both in the UK and USA, the US is already in danger of entering a debt-deflation mode like Japan.
Elliot
Birmingham, AL
Hello Ben
I only became aware of your work today – great stuff!
My believe is that the Bank of England should be closed down as it is nothing other than a private corporation benefiting the banking ’system’ as a whole backed up by the judiciary – all part of the debt scam. Did you know that all county courts have been instructed to ‘railroad’ any cases brought against banks through the courts and are to be ordered in favour of the banks even if the banks are breaking basic contract laws etc?
Very best
Peter