| Topic: | Re:Re:Re:Re:Re:Bashing the bankers? | |
| Posted by: | Roland Gilmore | |
| Date/Time: | 13/12/09 01:49:00 |
| Several interesting petitions on the PMs website. The first is against nationalisation and taxing bonuses but with an important proviso. "At present we allow commercial banks the huge privilege of creating money out of nothing as their own property for their own benefit. You and I can’t do it. Why let the banks do it? They do it by issuing loans of money which didn't exist until the borrower signs a promise to pay it back. Then the bank sells that agreement to a dealer for real money up front. We don't need to depend on banks for our nation's money supply. Let’s make the Bank of England, acting as a public servant, the sole creator of new money in our land. Then our money would be an asset of the nation as a whole, not the property of commercial banks. This practice caused the credit crunch. Banks lent to people who couldn't repay because it wasn’t costing them much in the first place. It's why bankers get bonuses. The problem isn't bonuses. It’s the activity that the bonuses encourage ie getting people to borrow. Don't nationalise the banks. Let them compete but don’t let them create money out of nothing as they do now." The 2nd advocates abolition of UK tax havens; the repository for many a banker's bonus. "Half of the world's tax havens fly under a British flag, including Jersey, Guernsey, Bermuda and the Cayman Islands. Obama says he wants to get rid of them and with the support of the British government he has a much better chance of succeeding." Can't see DC's sponsors backing that one. The petitioner claims £100Bn a year in taxes would be generated. Due to the inherent secrecy of financial vehicles in these havens, how he comes to that figure is not at all clear. The 3rd is pro-nationalisation, anti "quantative easing", echos the first petition above and includes two very pertinent quotes. "We the undersigned petition the Prime Minister to Stop the Bank of England from producing illegal money, stop fractional reserve banking and create a nationalised bank. The issuing of money should be taken from the banks and restored to the people to whom it belongs. Create a non private, interest free, transparently regulated nationalised bank that is controlled and owned by the Government (the people). Put a stop to National Debt as the Government can issue money without interest to themselves and finally stop fractional reserve banking which allows private banks to make profit off money that simply doesn't exist, essentially making the nation poorer and in debt to the private banks through unnecessary taxation. Money should not be controlled by anyone other than our Government, as he who controls money, controls a nation." "Give me the right to issue and control a nation’s money and I care not who governs the country.” Meyer Amschal Rothschild, International banker. "I am afraid that the ordinary citizen will not like to be told that 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 hands the destiny of the people" Reginald McKenna, past Chairman of the Board, Midlands Bank of England For or against, it appears that radical changes are necessary. The relationship of banks to government must change if we are to extricate ourselves from the intolerable burden we, our children and our children's children will be forced to bear without change. Tip of the Day for savers hacked off with negligable UK interest rates; Nigerian Banks are currently paying 12% on 60 day money. God help those they are lending to! |