On the Nature of Physical Cash in the UK
8 March, 2012Currently less than 3% of our medium of exchange in the UK is physical cash in the form of notes and coins. The remaining 97% plus is electronic commercial bank money. Additionally, inside the banking system and inaccessible to non-banks, is the medium of settlement – the electronic central bank money held in the [...]
Britain Is Ruled by the Banks, for the Banks – Guardian Article 12 December
13 December, 2011An interesting article by Aditya Chakrabortty, with over 340 comments. Although not directly advocating monetary reform, this article, following Ben Dyson's recent Guardian CiF article, is also seriously questioning the banking system. So what is it that justifies the kid-glove treatment of the finance sector? Switch on the news and you normally hear some minister [...]
Excellent Article on Debt Slavery by Michael Hudson in Counterpunch magazine
8 December, 2011Here is a sample quote: "Democracy involves subordinating financial dynamics to serve economic balance and growth – and taxing rentier income or keeping basic monopolies in the public domain. Untaxing or privatizing property income “frees” it to be pledged to the banks, to be capitalized into larger loans. Financed by debt leveraging, asset-price inflation increases [...]
Bill Still's latest two 'Still Reports' on Youtube
8 December, 2011Bill Still's campaign for the 2012 Presidential nomination for the US Libertarian Party is gathering momentum. Here are links to editions 31 and 32 of his 'Still Report' on Youtube http://www.youtube.com/watch?v=oJLel-2MBYU&feature=relmfu http://www.youtube.com/watch?v=VjGTaXhpObM
The Ambiguity of Our Two-Tier Money System
17 November, 2011In this post I ignore physical cash and discuss the relationship at the heart of the UK two-tier money system between electronic central bank money and electronic commercial bank money, which I will refer to respectively as M and C. These two forms of money are explained on pages 15 & 16 of the book Where [...]