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 idea matter?
- It would do much prevent future financial crises
- It would save states and citizens billions of unnecessary debt and interest, thus reducing the cost of infrastructure investments