Independent Commission on Banking Considers Real Monetary Reform

Another significant point in history happened on Friday 24th September. The Independent Commission on banking released a report containing sections on the “Issues” with the current banking system, sadly missing was the fact that banks are allowed to profit from the privatised creation of money as debt.

However, and this an extremely significant “however”, proposals from Lawrence Kotlikoff entitled “Limited Purpose Banking” and a more general “solution” known as “Narrow Banking” were included under the heading “options for reform”. This is incredibly important news, the commission will be extremely significant in deciding where our banking system and our economy is headed. As campaigners we must all apply pressure to the commission however we can, to consider real reforms that hinge on preventing banks from profiting from money creation, over the coming year.

I cannot stress enough how big a leap this is for the Monetary Reform movement. I implore you all to read through the document, and to take action! A regulatory reform will simply not be enough as long as banks are allowed to continue creating money as debt. True systemic reform is the only way we can save our economy and monetary system from the inevitable catastrophic failure that will follow from allowing banks to create money.

The document can be found here…

24 September 2010: Issues Paper – Call for Evidence