To provide the UK electorate with a public, televised assessment and debate regarding the issuance of currency within the United Kingdom.
This petition had 27 supporters
We are currently experiencing leadership debates on UK television regarding the choice we are given for the next Prime Minister of the United Kingdom. The economy and fiscal issues are continuously being debated based upon the existing monetary paradigm we have in place, not only in the UK but worldwide.
The opportunity to discuss and assess forms of money issuance which, in fact, would completely negate the need for a national debt, are not being considered or given airtime. And yet, the present austerity and the individual "leaders'" arguments related to such, would be redundant if a new monetary system was introduced.
The attached video of the Chairman of the US Federal Reserve, Ben Bernanke, clearly and unambiguously shows that there exists the possibility of having a currency which need not impose crippling debt upon a nation. Mr Bernanke does not state how this is so but he states it is possible. This is not something that the Chairman of the Federal Reserve, nor his counterpart in the Bank of England, would admit to lightly.
The majority of the UK population do not understand how money is created and who creates it. If they did understand this, they would be shocked while, understanding it, they would also, then, conclude that they no longer wish to have the existing monetary system which creates such misery and debt while the top bankers and Hedge Funders gather up the money "lost" by the many and distribute it to the few.
Recently, in the following Guardian article: http://www.theguardian.com/commentisfree/2014/mar/18/truth-money-iou-bank-of-england-austerity
the following statements were made regarding the reality of currency (money) issuance by the Bank of England:
"Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called "Money Creation in the Modern Economy", co-authored by three economists from the Bank's Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window."
"In other words, everything we know is not just wrong – it's backwards. When banks make loans, they create money. This is because money is really just an IOU. The role of the central bank is to preside over a legal order that effectively grants banks the exclusive right to create IOUs of a certain kind, ones that the government will recognise as legal tender by its willingness to accept them in payment of taxes. There's really no limit on how much banks could create, provided they can find someone willing to borrow it."
"Why did the Bank of England suddenly admit all this? Well, one reason is because it's obviously true. The Bank's job is to actually run the system, and of late, the system has not been running especially well. It's possible that it decided that maintaining the fantasy-land version of economics that has proved so convenient to the rich is simply a luxury it can no longer afford.
But politically, this is taking an enormous risk. Just consider what might happen if mortgage holders realised the money the bank lent them is not, really, the life savings of some thrifty pensioner, but something the bank just whisked into existence through its possession of a magic wand which we, the public, handed over to it."
Now, there are many issues relating to the issuance of money that require to be clarified for the UK population. If we just consider the last paragraph, above, regarding "what might happen if mortgage owners realised…"; it is a fundamental of the law of contract that, for such to exist, both parties must give "consideration" - meaning, both parties must bring something of value to the contract to exchange. In the case of a mortgage, it is a fact that the mortgage company brings no consideration whatsoever because, just as the Bank of England states - money is not created until a borrower borrows such. It is the borrower, in fact, which creates the money and NOT the bank! It is the borrower's "promissory obligation" (signed as a Promissory Note) which then allows the bank to ISSUE the money (NOT create it). These facts have immense implications which can then be shown to result in there being no need for a commoditised form of money (cash) whatsoever and that money need not be issued as an interest bearing currency.
There are various "new money systems" being discussed by various people while most of these new systems still suggest the need for banks and banking in their present form. They also tend to retain the idea of money as a commodity in of itself.
There is, however, another system which most people have not heard about and which certainly does not receive any media attention, and that is something called MATHEMATICALLY PERFECTED ECONOMY. MPE, contrary to how it may sound to some, is, in fact, an incredibly simple and logical solution to the existing, corrupted monetary system that we currently are under. It is a duty incumbent upon the UK government - if it truly seeks to resolve the issue of austerity and the eradication of the national debt - to have an open, public forum where delegates of Mathematically Perfected Economy can present the system to the UK (or Scottish) public through a formal, UNBIASED assessment which is allowed national publicity.
It would allow the answer to be given as to how Mr Bernanke stated that, Yes, it is possible for a nation to have a currency without a federal (national) debt.
However our concern is this: Do the British (or Scottish) government wish to eradicate the national debt and have the issuance of interest free money? From this communication in parliament in the 1960s, our concern is that they do not:
HC Deb 15 April 1965 vol 710 c263W 263W
§Captain Kerby asked the Chancellor of the Exchequer what steps he is taking to eliminate, in stages, the National Debt and the tax burdens which its servicing involves.
§Mr. Diamond It is not the Government's policy to eliminate the National Debt, whether by stages or otherwise. The cost of servicing the Debt is always borne in mind.
HC Deb 15 April 1965 vol 710 cc263-4W 263W
§Captain Kerby asked the Chancellor of the Exchequer if he will take steps to ensure that all Government financial requirements should be provided by emissions, free of debt and interest, by the Bank of England, which should be the sole issuer of money for all purposes, including loans to the private banks for relending; if he is aware that such procedure, rather than the present system of 264W borrowing from private home and foreign bankers, would progressively eliminate the National Debt and much of taxation; and if he will make a statement.
§Mr. Diamond No.
One can see from the above parliamentary questions and the answers given, that the UK government do not wish to pay off the national debt but simply "service it".
We do not know of another entity - whether an individual or corporate - who would not wish to pay off their debt. Unless, of course, the debt which is paid by others (in this case, the taxpayer) finds a portion of it falling into the hands of those who would simply wish to service it?
People should support this petition because it will do a number of things:
1. Educate the UK population regarding how money is currently created (and syphoned).
2. It will enable the presentation of a new monetary system which the population can assess and determine whether they would wish it implemented. We truly believe they would wish it so.
3. It is a solution which would end austerity and the burden of a national debt. The multiple positive impacts of this are too numerous to count.
We hope you will sign the petition simply to have this aired and publicised. We are not asking for its implementation until such times the UK public were given the fullest opportunity to understand it and be aware of it.
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