Monday, August 31, 2009

Don’t sign this e-petition

…IF you think it is sensible to pay tax for a new productive public service to be built (e.g. a new national fast broadband network),
rather than for the money for that service to be created free of any taxation and without inflationary consequences.

…IF you think it is a good idea for the government to borrow money from banks to pay for the above public service,
rather than for that money to be created free of any debt (i.e. no interest due, no principal repayable) and without inflationary consequences.

Other reasons not to sign…

…IF you think it is OK for ordinary high street and other commercial banks to have power to make (create) 95% of the money we use in the UK,
despite the fact that anyone caught making (forging) the other 5% i.e. in the form of banknotes or coins, would go to prison.

…IF you are satisfied that the profit accruing to the banks from this money creation (estimated at around £45 billion a year) should continue to flow to them,
rather than going to the public purse where it could reduce taxes.

…IF you are satisfied that the monopoly currently enjoyed by the banks as they create 95% of our money supply should continue,
rather than being under the democratic control of Parliament using the Bank of England as its agent, under clear and open guidelines visible to us all.

…IF you think that the current system, whereby banks create their basic product – money – ‘out of thin air’, should continue,
rather than a reformed system whereby banks merely became wholesalers of money to end-users.

If this happened they would become subject to the same commercial discipline in their area of business as is every other business, trade, profession, employed person, self-employed person, etc, etc.

We would still need banks for our own money needs. Just as Tesco buys carrots wholesale and sells them retail, so banks would do the same with money as credit brokers.

You may sign the petition if you are a UK Citizen or resident. [Link to petition]

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