By reintroducing the Bradbury Pound the Country can wipe out its debts and reverse the need for public services to be privatised
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." Henry Ford
“I sincerely believe the banking institutions having the issuing power of money are more dangerous to liberty than standing armies.” President Thomas Jefferson
"I am afraid the ordinary citizen will not like to be told that the banks can and do create money. And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hand the destiny of the people." Reginald McKenna, Chairman of the Midland Bank
In 2014 the Bank of England officially confirmed that it is commercial banks and not the Bank of England that create the majority of "money" by creating debt loans out of thin air. Some calculate that 97% of money has historically been created by the Banks.
“Most money in the modern economy is in the form of bank deposits, which are created by commercial banks themselves… When a bank makes a loan to one of its customers it simply credits the customer’s account with a higher deposit balance. At that instant, new money is created…” “rather than banks lending out deposits that are placed with them, the act of lending creates deposits — the reverse of the sequence typically described in textbooks.”
In 2008 the Banking Crisis that resulted in the creation of over £500 billion (more than all tax revenue in a year) of tax payer loans, £500 billion that was borrowed in our name and lend to the "Too Big to Fail Banks", was a result of the banks losing confidence in each other's fictional money because they had created so much unreliable debt including to each other. This is the Genesis of austerity which some politicians say will continue for 20 years.
In the 1920's Germany bucked the effects of loosing World War One when barrow loads of money were needed to buy a loaf of bread by the issue of Government Money and introducing this directly into the economy rather than through bank loans. By taking the creation of Money away from the banks the German economy boomed. The USA did a similar thing for a while with the issue of what were called Greenbacks.
"The government should create issue and circulate all the currency and credit needed to satisfy the spending power of the government and the buying power of consumers....." President Lincoln 1865.
The Times of London responded as follows:
“If that mischievous financial policy, which had its origin in the North American Republic, should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedence in the history of the civilised governments of the world." Times of London 1865
“The threat of World War One pushed British banks into crisis; exacerbated further as half the world's trade was financed by British banks and as a consequence international payments dried up."
In 1914 the British Government issued the Bradbury Pound. "This new currency had been issued by the State, was backed by the credit of the State, and was issued to the banks to prevent the banks from utter collapse. The public cheerfully accepted the new notes; and nobody talked about inflation." But the Government was persuaded by the banks to abolish the Bradbury Pound and finance the war through Bank Debt at interest. Government debt before the war was £650 million, by the end of the 1930s depression government debt was £21 billion, there was never any need for this debt.
Current Central Government Debt stands at £1.4 to £1.5 trillion (Excluding local Government & NHS & other Debts) but by reintroducing the Bradbury Pound the country can wipe out its debts and reverse the need for public services to be privatised.
AND THE BRITISH ECONOMY WILL NOT BE CAPTIVE TO THE BANKS, AND COUPLED WITH THE RE-SET TEAL PROPOSAL THE ECONOMY WILL BOOM AND BE STABLE!
No more austerity!