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joebhed"Wealth, Virtual Wealth and Debt", by Dr. Frederick Soddy, the gentleman who brought the thinking of money as a 'systemic' science together with his understandings of natural science. Informed Simons, Fisher, Friedman and others.I'm pretty sure the W,VW &D book is available online for reading, w...

December 2016

joebhedTo clarify, I never said that the banks “should” make allthe rules, just that they “do”.Which you have just confirmed, along with its associatedproblems.I agree with everything you wrote, perhaps except that beingthe major cause for emigrations.Anyway....

December 2016

Rollo10Why should the bankers make the rules? They don't even use their own money, so shouldn't the Treasury make the rules and the bank obey them? Doing it the other way round is what created the mess in 1930 and 2008. They dropped Glass Steagal for their benefit, they have fiddled LIBOR, Gold & Silve...

December 2016
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SimonBetter if they still had plenty of oil and gas, which really helps Norway....

November 2016

James MurrayDonald,It is great to hear that you spread the PM good word about the advantages of sovereign money creation, fractional reserve banking and so on.There is a certainty that an independent Scotland would be no such thing if they kept the pound.And, as said, it is unlikely that the majority of the pop...

November 2016

RJRealistically if Scotland wanted to stay in the EU as an independent country. They would not have been allowed to set up their own central bank etc first. So it would have meant adopting the Euro. And no more huge government deficits financed by England = a Greece type situation. So dopey, deceitful...

November 2016
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Marco SabaThat the liability of the central bank is a fake liability is a well recognized fact among academics. Here: Seigniorage, W. Buiter, 2007: http://eprints.lse.ac.uk/19733......

December 2016

RJif the UK Govt deficit spends itDEBIT ExpenseCREDIT ????????????????????If a bond is issued to either the market or the BoE = debtCREDIT Bonds issued (DEBT?)But what if a bond wasn't issued and the treasury just had a reserve overdraft at the BoE. That the treasury paid interest on. Is this really a...

November 2016

RJ"There can be no net savings"Only if you exclude Government bonds held by for example pension funds. And why would you do this. As you pointed out"The liability is measured by bonds in issue."Agree. But here is a point that many overlook. This can include Govt bonds held by the non bank sector. Or b...

November 2016
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Michael Wallace EllwoodWouldn't it be better to petition the Chancellor to give his fellow ministers the authority to spend government money on building whatever infrastructure the country needs as an investment for the future?The BoE will already do whatever the Chancellor needs it to do in order to further the governmen...

November 2016
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Stanley MulaikQE can't make anyone rich. The reason is that when the banks lend to the Treasury for deficit spending, they buy US securities with money they have created out of thin air, as with all other loans. When the Fed buys the securities with QE, those dollars must be used to extinguish the loan deposit...

2 weeks ago

Marco SabaAll the UK money is ending up in the black (magic) hole of fake liabilities of the central and commercial banks. All the clients deposits must be segregated from the banks balance sheet....

November 2016
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