Tuesday, 15 June 2010

Monetary Reform

The Money Reform Party wants to see drastic reforms to stop banks creating fiat money out of thin air under the Fractional Reserve Banking System. They propose the Bank of England Act -

"This is a reform that could prevent a future financial crisis, clear the national debt, and restart the economy.

It cures the sickness in our economy and financial system by tackling the root cause of the problem, rather than just the symptoms.

It would make the 'inevitable' cuts in public services completely unnecessary, reduce the tax burden by up to 30% and allow us to clear the national debt. It takes control of the UK's money supply out of the hands of the commercial banking sector and restores it to the state, where it can be used to benefit the economy, rather than providing a £200 billion annual subsidy to the banking sector."

The Zeitgeist Movement would go further - the abolition of money - but a reform like this might be useful in the transition period before a Resource Based Economy is fully established.

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