On Nov 19th the Financial Services (Regulation of Deposits and Lending) Bill has its second reading in the House of Commons. Although it's being brought by two back-bench Conservative MPs the issue should be able to secure cross-party support. We have a financial system in which the greatest proportion of money in circulation is effectively counterfeit, and as it circulates (your average deposit being lent onwards 15 or more times over) it requires interest payments. The private economy has to grow simply for us to stand still, with all the knock-on implications for global warming that that entails.
Quite why this bill isn't getting more media attention I don't understand. A brief account of it is found lower down the page at http://www.moneyreformparty.org.uk/. The summary includes the following :
"The Bill proposes ending the privilege currently held by the retail banks whereby they may create credit based solely on their borrowers' debts. In the future, bank lending will be limited to the amount deposited with them by their savers (as many people wrongly suppose to be the case at the moment).
"This will prevent the further expansion of the money supply over and above the amount created by the Bank of England. It will therefore permit the Bank of England to move towards increasing the amount of positive, debt-free money within the economy without fear of inflation.
"As the Bank of England is a government agency, this money will be available for the Government to pay off its debts without the need for public spending cuts, tax increases, reducing the nation's money supply or for more households or businesses to go ever more deeply into debt."
Lobby your MP!
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