You can EITHER accept
That everything will stay as it is with the banks controlling the supply of all new money created as debt, and expect continuing:
- unnecessary personal debt, family debt and student debt;
- continuing national debt;
- increased taxation;
- a housing market fuelled by excessive irresponsible lending, resulting in many being priced out of the housing market and home repossessions;
- mortgage debt constantly threatened by increased interest rates;
- general economic instability;
- a destabilised stock market and currency devaluations;
- the destruction of the value of pensions;
- the Developing World debt disaster;
- huge bankers’ bonuses and supernormal bank profits;
- continued dependence upon the commercial banks for the national supply of money leading to periodic recessions;
- expensive bailouts of failing banks funded by the taxpayer.
The banks’ pocket the profits while we the taxpayer pocket the banks’ failures.
If the monopoly over the creation of new money is taken away from the bankers, then you could look forward to the following:
- damaging cuts in public services to be avoided or reversed;
- no need for further tax rises;
- taxation could be reduced by up to 30% from the savings made;
- the majority of the national debt to be phased out over the next 15 years, saving up to £200 million per day on interest payments;
- money to be freed up for schools, health care etc.;
- no need to engage in costly Private Finance Initiatives (PFI);
- the currently-inevitable cycle of boom and bust to end, creating a stable economy and one of the best environments for business in the world;
- a permanent stable money supply, resulting in a balanced economy,
- consistent levels of consumer spending;
- restored incentives for employment;
- the complete removal of governmental exposure to banking crises;
- the removal of the state guarantee on deposits, as deposits would be protected by law;
- it would lower the overall debt burden as many loans would no longer be necessary to fund the economy;
- the financial sector to facilitate the creation of real wealth and value in the economy instead of extracting large financial profits as it currently does;
- lending and investment to be naturally channelled to entrepreneurs and productive businesses;
- citizens who wished to keep their money safe, with no risk of losing their savings would have the ability to do so.
- banks to have a strong commercial incentive to encourage people to save as much as possible;
- the looming pensions crisis to be avoided;
- state pensions to be increased without raising taxes;
- the removal of many state benefits which would become unnecessary and are costly to administer;
- an excellent environment for business, with the British pound restored as a reliable currency.
All these benefits, and more, are there for the taking.