Monday, September 16, 2013
Green Party September 2013 conference decision on money creation and response from John Courtneidge 17 September 2013
Re: new Green Party policy on money creation (as below) -- Next, urgent steps:
Indeed, good news! Green Party friends are to be congratulated!
The next step, of course, is to deal with the interest, etc aspects, since non-sustainability is a circumstance where human-created pollution exceeds Gaia's capacity to deal with it in an environmentally-equilibrating way.
In the attached - which is for free sharing and which I can send a paper copy, the key relevant to the above equation is on page 5:
(Raw) Materials + Energy --> Wealth + Pollution
This is because the four forms of usury (once money has been created in the first place - in the non-exploitative way proposed, below) - associated with the present 'economic' system (ie the incomes that flow from the theft of land, law, knowledge, position and which lead to money incomes in the form of rent, interest, profit and higher-than-average incomes for paid work) - serve to distract money from its wealth-creating and -sharing, just processes into the four money-seeking-more-money processes, usury processes I list above.
And hence the exponential growth in the pollution indicator, atmospheric CO2 as one example.
Gaia cannot wait another twenty-or-so years for us to faff around over the interest (and usury generally) question.
I hope that one, or more, mainstream political party/ies in this country will tackle that systemic problem as quickly, therefore, as possible.
The Greens first?
ps - I can happily attend to explain the above, more-or-less anywhere. The one prior author (other than Jesus) who touches on the above analysis is Frederick Soddy in his book, 'Wealth, Virtual Wealth and Debt' I have a copy in Canada, Bloomfield Books in Sudbury, Eassex used to sell copies - theonly one on bookfinder.com - where a number of Soddy's other books are listed is priced, used, at GBP160 - gasp! - the Bilderbergers must be buying them up!)
Hope this helps!
> Clive, John
> I'm delighted to say that after much efforts the Green Party now has
> pretty good Monetary Policy. This was passed at conference yesterday.
> Autumn Conference 2013
> Amend the Economy section of the PSS as follows:
> i) Delete paragraphs EC661 to EC664 (inclusive) and replace with the following new paragraphs EC 661 to EC 664:
> EC661 The Green Party believes that, as the means of exchanging goods and services, the stock of money is a vital common resource which should be managed in the public interest. Yet only 3% of our money supply currently exists in the form of notes and coins issued by the Government or the Bank of England. 97% of the money circulating in the economy takes the form of credit that is created electronically by private banks through the accounting processes they follow when they make loans.
> EC662 The existing banking system is undemocratic, unfair and highly damaging. Banks not only create money, they also decide how it is first used – and have used this power to fund financial speculation and reckless mortgage lending, rather than to finance investment in productive businesses. Through the interest charged on the loans on which all credit is based, the current banking system increases inequality. It also regularly causes economic crises: banks create and lend more and more money until the level of debt becomes unsustainable, boom turns to bust, and the taxpayer bails out banks that are “too big to fail”Autumn Conference 2013 Agenda Page 15 Green Party of England and Wales. Finally, the need to service the growing mountain of debt on which our money is based is a key driver of unsustainable economic growth that is destroying the environment.
> EC663 The existing banking system has failed and is no longer fit for purpose. The Green Party believes that the power to create money must be removed from private banks. The supply of our national currency must be fully restored to democratic and public control so that it can be issued free of debt and directed to environmentally and socially beneficial areas such as renewable energy, social housing, or support for community businesses.
> EC664 A Green Government will therefore develop and implement a programme of banking reform based on the following principles:
> a) All national currency (both in cash and electronic form) will be created, free of any associated debt, by a National Monetary Authority (NMA) that is accountable to Parliament;
> b) The 1844 Bank Charter Act will be updated to prohibit banks from creating national currency in the form of electronic credit. To finance their lending, investment or proprietary trading activities, banks will have to borrow or raise
> the necessary national currency from savers and investors;
> c) The NMA will be mandated by law to manage the stock of national currency so that it is sufficient to support full employment, while avoiding general inflation in prices, and taking into account the development of local currencies (Ref. paragraph EC 678);
> d) Any new money created by the NMA will be credited to the account of the Government as additional revenue, to be spent into circulation in the economy in accordance with the budget approved by Parliament;
> e) The members of the NMA will be appointed – for fixed terms - by a Select Committee of Parliament;
> f) The independence and integrity of the NMA will be assured by law requiring NMA members and staff to be free of any conflict of interest; mandating full transparency of NMA decisions; and prohibiting lobbying or undue influence of NMA members or staff by government, financial institutions, corporations or any other private interest.
> ii) Amend paragraph EC 665 as follows: Insert the following words at the start of the paragraph: “As an interim measure, before the programme of reform described in EC 664 has been implemented,”
> iii) Amend paragraph EC 676 as follows: Delete the following words at the start of the paragraph: “Since these restrictions on bank lending will severely restrict the money supply,” and replace with the following words: “As an interim measure, before the programme of reform described in EC 664 has been implemented,”
> iv) Amend paragraph EC677 as follows: Insert the following words at the start of the paragraph: “As an interim measure, before the programme of reform described in EC 664 has been implemented,”
> v) Amend paragraph EC 678 as follows: Delete from the paragraph the whole of the fourth sentence that begins with the following words: “Community Banks will be empowered to create credit in the same way that commercial banks currently do...”
> vi) Amend Paragraph EC 512 as follows: In the first sentence of the paragraph, after the words “...local economic activity” insert a comma and delete the words “and empowered to create credit at interest rates sufficient only to cover administration when”