Category Archives: Treasury Select Committee

BRADBURY POUND: the historic precedent for public or green credit

The Bradbury Pound is the UK equivalent to the US Greenbacks: ‘government’ or ‘treasury‘ rather than ‘bank‘ money.

On 18 November 2013, Austin Mitchell MP tabled Early Day Motion 748: 100th Anniversary of the Bradbury Pound. MPs can now show their support by signing it. The more signatures, the more likely the media will take an interest. Eventually, it may become a Parliamentary debate.

UK Column published this video with Justin Walker, together with this online petition.

Green Credit for Green Purposes is exactly what is possible with the Bradbury Pound!

To go even deeper into the historic significance and economic relevance, please note:

Altogether I published these articles so far – in chronological order: Continue reading

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Green Credit for Green Purposes – a four-year old idea whose time has come?

Green Credit for Green Purposes was a submission to the Treasury Select Committee that formed the basis for this blog in February 2008.

Recently, the Bank of England came up with ‘doing it by QE’, or quantitative easing – as if there was no difference between ‘credit’ that requires ‘interest’ and ‘cash’ that is interest-free.

Besides the fact that nobody issues the interest necessary for all credit, the other aspect is who has the privilege of

  • issuing interest-free Cash: National Governments
  • issuing interest-bearing Credit: virtually all financial institutions
  • and who controls the issuers???

What is particularly sad is the fact that National Governments have let the financial institutions virtually take over the privilege of issuing money as Credit and thus the power of control.

What’s so dishonest about our money explains these arguments on another site.

Tackling the oppression of Her Majesty’s subjects

Raising awareness of a deep seated systemic problem means informing the ‘victims’ and the ‘oppressors’.

With our history of Early Day Motions (EDMs) we’ve been addressing the monetary causes since 2002, trying to educate MPs.

Based on our latest EDM, we’ve now created a website that brings MPs and victims together: www.edm1297.info.

Some of the questions one has to ask oneself are:

  • are institutions achieving what they are supposed to?
  • if not, why not?
  • what on earth can I do?
  • what is worth doing?
  • which side am I on?
  • am I coping and staying positive by doing SOMETHING?

The Petition in the Hands of John McFall MP

John McFall MP is the Chairman of the Treasury Select Committee and our Chairman Austin Mitchell MP has given him a copy of our online petition at long last. So he now knows what we’re asking him and his committee. My next steps are Early Day Motions in support of the petition – after the Queen’s speech.

On December 22nd, 1964, Henry Kerby MP requested that the emission of all the means of exchange should be returned to the Crown.

We’ve been asking for Public Credit since 2002. May the net, the web and the magic of blogging robots help all of us to achieve what Henry Kerby MP asked for at the time. As one of the steps I sent our key documents to the Queen and the Prince of Wales.

Do you feel like adding your name to the signatures of the petition Stop the Cash Crumble to Equalize the Credit Crunch?

Public Credit Petition

Since our Green Credit for Green Purposes submission to the Treasury Select Committee didn’t achieve anything other than being printed as part of their report on the Stern Report, we have to find another route of following our lawyer’s advice “go for Parliamentary scrutiny via the Treasury Select Committee”.

However, the Chairman wrote that I cannot see him in the foreseeable future. So we have to do it online.

Stop the Cash Crumble to Equalize the Credit Crunch” says in less words and a few web links what our submission said in 63 paragraphs: please look into the money supply and the ratio between Cash created by the State and Credit created by banks – for the imbalance is untenable and certainly unsustainable.

At the end of WWII, 48% of the money supply was Cash. Now it’s 3%. See What is the Cash Crumble? in my other blog for the evidence. But nobody creates the interest necessary to pay for credit. So credit is chasing credit. That’s what must be called “usury-based banking” – quite the opposite of what Dr. Yunus has created with his Grameen Bank which is usury-free and run as a social business.

Our Submission to the Stern Inquiry

At long last the Committee’s Fourth Report came out on February 5th and all our 63 paragraphs of “Green Credit for Green Purposes” are part of the publication.

I have yet to learn who reads the £24 document – besides all of the people who gave evidence and therefore got a free copy.

And I have to discover the value of our submission in this document.

Since the Yunus Event at St. James’s, I begin to talk about ‘climate urgency’ and ‘climate capitalism‘.

Our current Early Day Motion is entitled “Green Credit for Green Growth” but so far only 11 MPs have signed.

In the UK, WriteToThem makes it easy to ask your MP to sign. Are you happy to click through?