ANALYSIS: Why the creation of money by bankers can only create havoc…and why the legislators don’t care

Tuesday, December 2, 2014
By Paul Martin

By John Ward
December 2, 2014


Two weeks ago, the MP for Wycombe stood up to kick off the first Parliamentary debate about Money Creation for 170 years. The Chamber – which was already sitting only for back-bench business, and therefore 80% empty – abruptly became 95% empty as MPs wandered off to do more important things elsewhere. It says a lot about our contemporary Parliamentarians that they considered the defence of Rochester & Stroud (or a double in the Commons Bar) more important than the biggest single factor – after education – in the materialisation and depoliticisation of British society. (For my take on this, see the recent Slogpost here)

As for the Executive, not a single Treasury Minister was present. I can only assume that nobody fancied the job of trying to defend fractional reserve banking (FRB) although I also suspect that none of them giveAF what the People’s representatives have to say on the subject. The system is insane and fraudulent, but this reality applies across the developed world and beyond. Only last Friday, the Irish Central Bank discreetly suggested to Irish credit union leaders that, should any of their members be lucky enough to have €100,000 with a CU, they should transfer a sizeable proportion of it to another savings institution forthwith.

The extrapolation from this is obvious: the Government wants to limit as much as possible the amount it’ll have to pay out under EU deposit protection rules. What this doesn’t suggest is that Eire’s leaders are brimming over with confidence about the viability of CUs.

The Rest…HERE

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