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The Proposed Bank of England Act.

Comment 6th August 2010

 

I wish to support the proposal for UK's Coalition Government to enact theProposed Bank of England Act and make a start by preparing a Green Paper followed by a Bill.

It is not yet widely understood that the government now unnecessarily gives the commercial banks the privilege of creating almost all the national supply of money as interest-bearing debt – at great profit to themselves and great cost to the country and its citizens. As part of this government's programme as a strong, progressive coalition” inspired by the values of freedom, fairness and responsibility", this is most important.

The proposed Act would transfer to the Bank of England – as an operationally independent nationalised agency responsible to government and Parliament – the function of creating new money free of debt, to be spent into circulation by the government in the public interest.

It is a no brainer.

The current system giving commercial banks the privilege of creating almost all the national supply of money is a scandal. This system has been a major cause of the current world financial crisis.

Similar action should be taken by all nations.

Why does this matter?

  1. It would do much prevent future financial crises
  2. It would save states and citizens billions of unnecessary debt and interest, thus reducing the cost of infrastructure investments
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