|
|
|
Are You Worried About Credit Card Fraud
Are you worried about your credit card or debt card being
stolen? You're not alone, it's estimated that 51% of people in
the UK are concerned about their credit and debt cards being
stolen. Credit card fraud is a consent worry, and with...
Beware Of Bad Credit Payday Loans
Could bad credit payday loans be the answer consumers with low
bank accounts have been looking for? Is there any harm in using
these services? Aren't they better than using credit cards or
going hungry?
Have you seen the commercials? Cute...
Finding the Right Credit Card
There are so many credit cards out there to choose from that deciding which one to get can feel really daunting. What makes one offer better than the hundreds of others you’ve seen? Take this little quiz to find out what you should look for in a...
Get A Cheap Credit Card By Understanding The Fees
Credit card companies charge fees of some sort or another. The
key is to find a card with the lowest fees for the services you
use. For instance, if you use cash advances, then investigate
those fees with credit card companies before you sign up...
What's in my credit report?
Your credit report contains a list of every member creditor who has lent you money or provided you with credit in any way. It shows your charge accounts, automobile loans, bank and student loans, home mortgage, and any other credit-related...
|
|
| |
|
|
|
|
|
|
New Money As Credit
"Labour accepts that private financial institutions like banks
should be allowed to issue new money as credit"
The full significance of this statement, correctly understood
and widely known, would fundamentally change the whole global
economy.
The existing banking system originated in England in 1694, when
King William gave permission for the bankers to be the source of
part of England's currency. They formed the Bank of England with
an Act of Parliament called the Tonnage Act, which remains on
the statute book.
Times have changed since then and with the advent of the
personal computer, a new industry has come into existence, the
credit industry and with it, electronic money. Money now exists
as computer entry to replace ledger entry.
The people have always been encouraged to believe that the bank
of England is 100 per cent reliable and part of our national
heritage, such as the Monarchy. Safe as the Bank of England etc.
But the Bank of England established upon the Royal right to
issue new money as credit, has always been very secretive and
protected by the Official Secrets Acts.
The Bank of England has needed to be autocratic and independent
of Parliament, in order to have absolute control over the rate
at which new money is put into circulation. Full independence
was only obtained in recent years under Labour, so that now,
inflation can be kept under tight control by adjusting interest
rates.
Because interest has to be paid on new money the rate at which
new money is created and issued can be controlled, by how much
it costs to do so.
People ignore the fact that new money is credit, which did not
exist until the credit was accepted as a
loan of money. People
also ignore the fact that by diluting the currency with credit
the currency gradually turns into debt. Using debt as our
currency has two major disadvantages.
Perhaps the most important, is total inability to establish any
sort of yardstick, by which to measure the value of credit. This
value is pure guesswork and guessing becomes a fine art and
almost a science. Such expertise provides 'insider' knowledge
and creates a thin upper stratum of society, which although
purely parasitic, creams off enormous wealth without making any
contribution to the creation of the wealth. A practice correctly
designated as theft, although held in the highest esteem in
contemporary society.
The other disadvantage of credit, is that credit has attached to
it, a tax in the form of interest. Credit is expensive stuff to
use and also credit must be repaid to the banks as money. The
banks who allow you to have credit to use as money will not
accept credit as money from you.
Economics is the study and practice of the creation of goods and
services and their distribution for the benefit of the consumer.
The only difficulty we have with economics, lies in the problem
of distribution. Distribution beyond a barter system, depends
upon a reliable means of exchange. Credit can never be a
reliable means of exchange. That is the trouble with global
economics. Today, there is no reliable means of exchange any
longer in existence. The world has a dire shortage of money and
a vast surfeit of debt. We need to restore to Government the
sole right to create and issue new money and demand the right to
see that it is done correctly.
About the author:
www.monetaryreform.org
|
|
|
|
|
|