The idea
In the run up to the election, David Cameron appeared on TV where when asked how we deal with the deficit he replied we can print money – which will cause inflation; we can default – which would be immoral; or we can cut.
After seeing this interview I wrote to the Treasury pointing out that the government could create its own credit and spend it into circulation debt-free. In due course I received a reply to the effect that paragraph 104 of the Maastricht Treaty proscribed this; Mr Cameron did not appear to realise this.
Nor does he nor do other politicians and economists seem to realise that printing money or better still creating credit is not inflationary, provided it is used to create wealth.
When David Pidcock of the Islamic Party wrote to the Treasury on this matter he received a typically misleading reply.
Britain must restore the power to create credit to the Crown, from whom it was stolen in 1694. And all other nations must do the same.
The Bank of England has in recent months created £200 bilion of new money which it has given to the banks to play stupid casino games with. If instead it had used this for public works and made no or low interest loans to businesses, or even given it to unemployed people or those on low incomes via a national dividend, there would be no interest to pay, and taxation would dwindle.
Why is it important?
It would restore our national sovereignity, and allow Britain to create its own credit debt-free and interest free instead of paying faceless and parasitic international bankers for money they create ex nihilo.