Petition on “national banking”

This petition to the Prime Minister is a remarkable “nutshell expression” of what monetary reformers have been studying and saying in a million ways:

We the undersigned petition the Prime Minister to Stop the Bank of England from producing illegal money, stop fractional reserve banking and create a nationalised bank.

So what’s so “illegal” about the Bank of England’s money?

  1. Section XXVI of the Founding Act of the Bank of England says that the Corporation is not to trade. That means: no dealings with financial “products” or “instruments”, let alone national currencies.
  2. Section XXVI also foresees punishment at “treble the value” of any wrong dealings. Imagine lawyers and a judge who’d decide that the Bank of England should pay treble the value of the National Debt to the Treasury, since the Treasury seems to have “forgotten” about its right to “print money” on behalf of the Crown.

Let us also consider what is “unregulated” about the Bank of England’s money:

  1. The Bank’s supervision of all other banks has been overlooking the limits set by fractional reserve banking, i.e. the ratio between deposits and loans should be strictly regulated.
  2. Interest-bearing Credit created by banks, also called “broad money” (97%), has outstripped interest-free Cash created by the Treasury, also called “narrow money” (3%). I.e. the ratio between Credit and Cash should be regulated.
  3. The myth is perpetuated that the Government “runs the economy”. In reality, the Government’s budget is a certain share of the total money supply. It varies from country to country and year to year. Page 8 of our submission to the Treasury Select Committee, Green Credit for Green Purposes, shows how the supply of credit rises far more than the Government’s budget between 1999 and 2006. In an economy where the older generations “supply” money to their children and children are to look after their parents, these trends should be studied and regulated on a long term basis.

The moneymasters have thus redefined not only the source of “money”, but also the process of creation and its privilege, which has been the monopoly of the Crown.

However, we live in a world where usury has been legalised, i.e. credit creation is not only legalised but also virtually unlimited. If usury were illegal, all credit creation would be illegal.

Section XXVI of the Bank of England Act 1694 has not been repealed (yet). Can HM the Queen give Her subjects the chance of being less oppressed by enforcing the Bank of England Act 1694?

See also net credit creation.

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One response to “Petition on “national banking”

  1. Pingback: National banking and “illegal money” « In the Spirit of the Forum for Stable Currencies

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