G20 crisis summit - exposé & answers

Here Bill Davies lifts the lid on reality and gives the real solution. Bill has been closely following monetary matters for decades:

‘97% of all of the money we use was provided by the private clearing banks as loans.
The amount of money created in this way was increasing at up to 15% or more a year up to the middle of 2007 when the level of bad loans made by the banks overwhelmed their ability to create more money.
The amount of new money created by the banks was limited only by the demand for new loans from people judged by the banks to be able to repay them with interest.
The demand for new loans was increased by lower interest rates set by the Bank of England and interest rates were reduced because they targeted indexes of inflation that were highly misleading and in particular ignored asset price inflation.
Because the creation of new money was extremely profitable and the supply of real assets for sale is limited the banks devised ever more dubious and risky forms of loan. This led to the largest financial bubble ever blown and burst.

We are now trying to get the same failed system going again by reviving the banks with injections of public money.
This is completely unnecessary and counter-productive. All existing bank deposits should be registered and guaranteed by the government.
All new money should be created by the government as a replacement for part of taxation.
No new money should be created by private banks’.