Newsletter No. 21 - March
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This is another short-term update on progress towards
getting monetary reform on to the G20 agenda for their
meeting on 2nd April.
If you’re not terribly interested in
monetary reform, please bear with me. The
frequency of these newsletters and the concentration
on that topic will ease up after the next
three weeks or so.
(i) The UK No 10 petition
to the Prime Minister (mentioned
in the last newsletter) is
now supported by more than 200 signatories.
It needs many more by 2nd April to contribute
powerfully to a growing international campaign for monetary
reform. (Most people don't yet understand that
the way the present
money system works motivates
almost everyone in the world to help to destroy the
prospect of human survival beyond the end of this
As I said in the last newsletter, please
consider signing the petition even if you are not
yet fully committed to supporting monetary reform, as
it only asks for the subject to be discussed at this
stage. It is also quick and easy
Please let anyone you think may be interested know
about this and, if you’re a member of any network,
please also let them know.
Please note that for practical
purposes the deadline is 30th March, not 30th
April, as the petition states. So there are
two weeks left.
You can sign the petition at:
Similar petitions in Germany and France have been stimulated
by our example:
Germany - www.freiwirte.de/resolution.htm
France - www.cyberacteurs.org/actions/lettre.php?id=382
Support in France and Belgium can
also be found at http://aises-fr.org/citoyen.html and www.agoravox.fr/article.php3?id_article=51872.
2. Fred Harrison and
Ross Ashcroft have just produced an excellent
8-minute film introducing my ideas with the title "It's Our Money Anyway".
It was shot at my house and various locations
in London, including outside Downing Street and the
Bank of England.
This is how Fred describes the film:
say banks are too important to society to allow
to go bust. What is the social component
of the financial sector, and why isn't it held within
the public domain if it's that important?
James Robertson, a doyen of the alternative economics
movement, offers an answer. He links monetary to fiscal
(tax shift) reform in our latest documentary."
You can see the film here - www.jamesrobertson.com/videoandaudio.htm.
Fred has been outstanding for his correct predictions
of the present boom/bust crash - see http://en.wikipedia.org/wiki/Fred_Harrison_(Author).
See also his website at www.renegadeeconomist.com.
His Renegade Economist channel
on YouTube shows a series
of short films (not much more than 6 minutes each) on
the fundamental problems affecting the global economy
3. "Why should banks
be given the incredible privilege of creating a
wealth, for their own profit?" asks James
Bruges in his great short article Pseudo-money in
the latest issue of Resurgence at www.resurgence.org/magazine/article2747-Pseudo-Money.html.
(A sample copy of the issue can be downloaded from www.resurgence.org/subscribe/sample-download.html.)
Who decreed that we have to depend on commercial
banks to create as profit-making debt almost
the whole of the money supply we need, and
why? God or Nature didn't decree it.
legislators, finance ministries and central banks
etc in all the G20 countries simply must
not be allowed to continue avoiding these questions.
is "Quantitative Easing"?
term refers to the special authorisation now being given
to the Bank of England to "print" new money
out of thin air. The conventional wisdom normally
throws up its hands in horror at the idea of our money
supply being created as a public service.
So "quantitative easing" is presented as a one-off dose
of a very special laxative designed in response to the present financial emergency to clear
the constipation of the commercial banks after their gargantuan profit-making "credit" binge.
hope is that this will be a successful last-ditch
measure to persuade the commercial
banks to resume their printing of the public money
supply themselves out of thin air, and keep us dependent on them for creating it.
How crazy can the conventional wisdom get? Subject to the necessary
safeguards to prevent political and electoral misuse and avoid inflation, getting the
professionally independent Bank of England to create the amount of money we need,
should be seen as a step towards a much better way for
a 21st-century democracy to provide itself with its money supply.
5. Russia and the G20.
“The existing financial
matter how good it might be or how much some state may
like it, is outdated.
This is why I hope that the G20 summit in London on April
2nd will reach a consensus on key aspects of modernisation..".
President Medvedev in Spain on 2nd March.
More at www.itar-tass.com/eng/level2.html?NewsID=13637913.
6. Banking Secrecy and Tax Havens - www.guardian.co.uk/politics/2009/mar/03/gordon-brown-tax-havens.
Gordon Brown and other G20 leaders must act seriously
on this. See the Tax Justice Network's specific
practical proposals at http://taxjustice.blogspot.com.
7. Michel Chossudovsky from
Canada powerfully criticises
President Obama's economic package as "leading
to social havoc and the potential impoverishment
of millions of people, largely serving the
interests of Wall Street, the defence contractors and
the oil conglomerates, and leading America
into a spiralling public debt crisis. ...
The economic and social dislocations are potentially
devastating... Meaningful policies cannot
be achieved without radically reforming the
workings of the international banking system. What
is ultimately required is to disarm the financial
A full account is at www.globalresearch.ca/index.php?context=va&aid=12517.
Financial Meltdown: Forces beyond our control? Or
the biggest Sting ever? This
is another forceful blast from Canada in support
for radical monetary reform, this one by Dave
"If you turn off the television, and turn
on your brain, and realise what a huge scam
this whole thing really is, and the brazen theft of
not only your money but the money of your children
and grandchildren who will be paying these fraudulent
debts for generations - then maybe you will
find the strength and wisdom to do what is
really necessary - stand up and say No More!!!
- take control of your democracy, take back
your money from those who are stealing it in front
of your very faces, and send all of them to jail for
the rest of their lives."
Full, illustrated text at www.rudemacedon.ca/greatest-sting-ever.html.
9. Marian Farrell of Transition
interviewed me by phone on 11th March on the significance
of monetary reform for a more decentralised and greener
way of financial, economic and social life. The recorded
interview should shortly be available on their website
(see above) and mine.
10. On 28th March,
thousands will march through London as part of a global
campaign to challenge the G20, ahead of their 2nd April
summit on the global financial crisis. More information
14th March, 2009