Pay Back the Bailout Money

Major cuts are being proposed to keep the markets happy and reduce the interest payments we have to make. If we don't pay a substantial amount of the debt back quickly (hence the cuts) the banks will increase our interest rates and we risk further rate raises based on our credit rating with the banks.

Ok. If I'm not mistaken the banks and market system effectively went bankrupt themselves last year (hence the global bailout). Market forces where allowed to run themselves and pure capitalism virtutally consumed itself. Private greed turned into public debt.

Why now make further cuts into our public spending to support the bankrupt banks over charging us and using poor credit rating to force cuts. Our credit rating seemed ok to borrow £1trillion + last year from UK alone!!

So its time to turn the tables and request full repayment of the that bailout money so the debts and public deficit can be repaid in full. No public spending cuts required. If the money is not immediately repaid then interest payments should be significantly increased in line with credit rating defaults.

I also note when the banks bankrupt a company or person they seize assets to pay down as much of the debt as they can. Given the banks are promoting a human face and fair play then why can't we asset strip banks and bankers. Sending in bailiffs to sieze assets like banks accunts, investments, property and pocessions. We should raise a fortune. Whats good for the goose.

Why is this idea important?

Major cuts are being proposed to keep the markets happy and reduce the interest payments we have to make. If we don't pay a substantial amount of the debt back quickly (hence the cuts) the banks will increase our interest rates and we risk further rate raises based on our credit rating with the banks.

Ok. If I'm not mistaken the banks and market system effectively went bankrupt themselves last year (hence the global bailout). Market forces where allowed to run themselves and pure capitalism virtutally consumed itself. Private greed turned into public debt.

Why now make further cuts into our public spending to support the bankrupt banks over charging us and using poor credit rating to force cuts. Our credit rating seemed ok to borrow £1trillion + last year from UK alone!!

So its time to turn the tables and request full repayment of the that bailout money so the debts and public deficit can be repaid in full. No public spending cuts required. If the money is not immediately repaid then interest payments should be significantly increased in line with credit rating defaults.

I also note when the banks bankrupt a company or person they seize assets to pay down as much of the debt as they can. Given the banks are promoting a human face and fair play then why can't we asset strip banks and bankers. Sending in bailiffs to sieze assets like banks accunts, investments, property and pocessions. We should raise a fortune. Whats good for the goose.

Enact the Bank of England (Creation of Currency) Bill 2010

Forcing millions of ordinary people to borrow their means of exchange into existence from the banks at their own risk and expense, in the form of over-priced mortgages and other loans, and then taxing them to service government debt on top of that, severely limits economic independence and freedom of choice.  If the definition of a slave is not ill-treatment, but the fact that he or she has no say in their own policy, the decision to tax the people to save the banks, without any offer of a vote or any discussion of alternative means of creating new purchasing power, reduces large swaths of the population to slavery.

The Bank of England (Creation of Currency) Bill 2010 proposes a simple reform which will dramatically reduce taxes, while at the same time expanding and maintaining infrastructure and providing decent public services.

The Bill establishes as its Universal Principle that: “Throughout the entire banking and deposit taking system … every credit to an account must be matched by an equal debit from a different account.”  Only the Bank of England will be exempt from this requirement, thereby enjoying sole right to create all of the UK’s new money, both cash and non-cash.

Enactment of the Bill will complete the work of The Bank Charter Act of 1844, which made it as illegal for the commercial banks to print notes as it already was for them to mint coins.  Under the Act it will also be illegal for them to create non-cash money in the form of "credit".  In effect, the money supply will be nationalised without any need to nationalise the banks, which will continue to compete for their profits in the open market – with the difference that they will now confine themselves to borrowing and lending money which already exists.

With money recognised as a public utility, the MPC will be responsible for issuing or withdrawing it from circulation directly, instead of depending on the blunt instrument of interest rates to control inflation; and any new money created can be spent into circulation on  public works and services as indicated by voters in the usual way, at general elections.

The Bank of England (Creation of Currency) Bill 2010 is online, with detailed explanations and FAQs, at http://www.bankofenglandact.co.uk/.

Why is this idea important?

Forcing millions of ordinary people to borrow their means of exchange into existence from the banks at their own risk and expense, in the form of over-priced mortgages and other loans, and then taxing them to service government debt on top of that, severely limits economic independence and freedom of choice.  If the definition of a slave is not ill-treatment, but the fact that he or she has no say in their own policy, the decision to tax the people to save the banks, without any offer of a vote or any discussion of alternative means of creating new purchasing power, reduces large swaths of the population to slavery.

The Bank of England (Creation of Currency) Bill 2010 proposes a simple reform which will dramatically reduce taxes, while at the same time expanding and maintaining infrastructure and providing decent public services.

The Bill establishes as its Universal Principle that: “Throughout the entire banking and deposit taking system … every credit to an account must be matched by an equal debit from a different account.”  Only the Bank of England will be exempt from this requirement, thereby enjoying sole right to create all of the UK’s new money, both cash and non-cash.

Enactment of the Bill will complete the work of The Bank Charter Act of 1844, which made it as illegal for the commercial banks to print notes as it already was for them to mint coins.  Under the Act it will also be illegal for them to create non-cash money in the form of "credit".  In effect, the money supply will be nationalised without any need to nationalise the banks, which will continue to compete for their profits in the open market – with the difference that they will now confine themselves to borrowing and lending money which already exists.

With money recognised as a public utility, the MPC will be responsible for issuing or withdrawing it from circulation directly, instead of depending on the blunt instrument of interest rates to control inflation; and any new money created can be spent into circulation on  public works and services as indicated by voters in the usual way, at general elections.

The Bank of England (Creation of Currency) Bill 2010 is online, with detailed explanations and FAQs, at http://www.bankofenglandact.co.uk/.