"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Wednesday, 25 August 2010

Worth Looking Into

Following a post I did back in May about the debt-based money system I've received a follow-up email that I thought might interest you.
Dear Goodnight,

You recently signed up at Bank of England Act.co.uk to receive news on our campaign to fix the debt-based money system. We're just putting the last few things in place ready for our campaign. The last few weeks have been hectic, with meetings with MPs, think tanks, and some fairly heavy-weight business people, and it's safe to say that more and more influential organisations are starting to realise that allowing commercial banks to create the nation's money supply as debt is not a 'good thing'. Things are really falling into place.

In the meantime, I think this campaign is worth supporting:   End Legal Loan Sharking

The End Legal Loan Sharking campaign, supported by a wide range of MPs, is calling on the PM to make moves to place lending caps on the loan sharks, who prey on the desperate and charge annual interest rates up to 2,500%.

Of course, the people who fall victim to these loan sharks end up in that situation because all money is currently created as debt by private banks. Under the current system, in order for there to be money in the economy, we have to have an equal (or greater) amount of debt. In order for there to be £100 in your bank account, somebody else MUST have £100 of debt.

Consequently, allowing high-street banks to create money as debt means we're in a game where we are scrambling over each other to stay out of debt. To get your head above the water, someone else has to sink below. Naturally it tends to be the poor or disadvantaged who don't play the game well enough and end up sinking under the debt.

So, loan sharking or 'predatory lending' is an activity that naturally grows out of our debt based money system. Chipping this part of the debt-based money system will get us one step closer to dealing with the heart of the issue - the fact that private banks have been allowed to take over the creation of money for their own profit (and at our expense).

Please give the campaign your support:

Sign the petition at End Legal Loan Sharking

Ben Dyson
On behalf of the team at the Proposed Bank of England Act and Call4Reform
107 Fleet Street, London, EC4A 2AB
The only problem I can see with this is that it's being organised by left-wing think tank Compass! Still, we're fast reaching the stage where left and right have no political meaning and even the left are bound to hit on a good idea once in a while.

2 comments:

  1. More like "keep going, GV" :-)

    Removal men, cleaners, gardeners, and hairdressers lined up for next week as well as another trip to the vet. Another chapter is unfolding. In the meantime I'm doing my best to carry on dishing the dirt on the politicians and the EU.

    Thanks for your support, OR :-)

    ReplyDelete

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