Here’s an unsung scandal of global proportions — together with a fix for it. The big problem is that those who hold the wealth will probably fight it tooth and nail…


Money creation should only be used in the public interest

The same banks that caused the financial crisis currently have the power to create 97% of the UK’s money. They’ve used this power recklessly, putting most of the money they create into property bubbles and financial markets. And now they’re back to their old ways.

We need a change. The power to create money should only be used in the public interest, in a democratic, transparent and accountable way. The 1844 law that makes it illegal for anyone other than the Bank of England to create paper money should be updated to apply to the electronic money currently created by banks.

Banks create new money, in the form of the numbers (deposits) that appear in bank accounts, through the accounting process used when they make loans. In the words of the Bank of England:

“When a bank makes a loan…

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About peNdantry

Phlyarologist (part-time) and pendant. Campaigner for action against anthropogenic global warming (AGW) and injustice in all its forms. Humanist, atheist, notoftenpist. Wannabe poet, writer and astronaut.
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  1. No question that change is required. Indeed, change is going to take place with or without good leadership from our Governments. I just hope it will be the former.

    Liked by 1 person

  2. Yep!… But the Banks often hold the law-makers in their back pockets my friend.. Change has to happen… the constant addition of rows of zero’s will end up with Money worth Zero!…. Once upon a time we had the Bank of England Gold stocks to back up the value of the £… Gold which now has been sold off… the $ being the same.. Even I can see its just time before the deck of cards collapses.. Why is it others seem blinded to the situation of our present day monetary system?
    Ask the top Bankers..

    Liked by 2 people

    • pendantry says:

      I think (but may, as ever, be wrong) that the Bank of England once held its reserves in silver, not gold — hence the ‘Pound Sterling’, which derives from a pound weight of sterling silver — and that it was the USA whose money was originally backed by gold. Nowadays, as you point out, the entire edifice has no solid foundation.

      As to why folk are blind: it is hard to see something when your paycheck depends upon you not seeing it. The irony, of course, is that you can’t eat a paycheck.

      Liked by 1 person

  3. Some cities here, like Amsterdam and Rotterdam have their own currency now.

    As I am too ignorant money-wise I stick to the old waste paper . Greetings! Cécile


  4. Hope all is well with you my friend.. its been a while since I have seen you around.. xx Sending thoughts your way Sue


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