What Next After QE? - the Proper Use of Interest-free Money
John Courtneidge 3 March 2014
On Facebook, a reader, Lloyd, posted:
"We are suffering with "interest free money" QE. AND the 'bubble', like last time, is accounting fraud which needs addressing."
This is a worthwhile comment, since it prompts me say that the first step of two has been made.
If you look at the Early Day Motions that we sponsored in the 1990's (see www.forumforstable currencies.org.uk as the parliamentary aspect of www.interestfreemoney.org), you'll see that we were asking for Parliament to:
a) retrieve to the Bank of England the task of creating the money supply, but on an interest-free basis: which was what was done with 'Quanitative Easing' (not our term).
and here's the b) part which has yet to be activated,
we wished that the annual increase in the money supply* be brought into existence by the commercial banking system (under the approval of the government!) as intetest-bearing debt (ie the Fractional Resrevce Banking method that Positive Money actively highlights).
* (Note: which *has* to occur at present because the existing money in circulation almost completelycirculates as interest-bearing debt (or rent/interest/profit-seeking investment/debt) and the annual increasein the oney supply was (before QE)
So, our EDMs asked the b) part - which was to pass each year's added money supply into circualtion as interest-free credit:
- be for social (ie and environmental) purposes.
Now, of course, Lloyd is right in saying that, "We are suffering with "interest free money" QE." -- *only* because the QE money (so far!) has *not* gone to social purpose:
(which, to be social purpose, *has* to reduce income inequality:
- see www.equalitytust.org.uk and the book 'The Spirit Level')
- rather, than as happened in both the UK and the US - as a hand-out to the owners of capital-funded enterprises (ie to the 1 or % in the Occupy phrasing - to keep the 10% (in my 2/10/88% analysis) - those inpositions of (anti-) social power, so that they could (continue to) bully, bribe and brainwash us (as in JK Galbraith'stypology of social power in 'The Anatomy of Power'): so that social iniquity
- including Lloyd's "the 'bubble', like last time, is accounting fraud which needs addressing":
( The subject of the movie 'The UK Gold, for example)
- could be continued.
Note that 'be' in the last sentence - the conspiracy is to ensure that the conspiracy (the cons-piracy - the theft of the wellnes of all) is continued!
So, as Margrit Kennedy's book, 'Interest and Inflation-free Money' (now on-line as a PDF) points out: interest-charging (ie usury, a'riba: interest at *any* level and by what-ever cheviance - dodge or scam (like QE) - is applied on us (by us I mean all!).
Hope this helps: thanks! Lloyd!
IFM: Campaign for Interest-Free Money: Introduction
*Where we've come from* The Campaign for Interest-Free Money was launched on 28t...See more
Allof which followed form my sharing of Viv At's post (as below):
So, we need to be prepared with a plan - say, for Co-operative Socialism - it's green, it's equalitarian, it's healthy - I've posted it onmy Time line and its at www.sustainabilitynotcapitalism.blogspot.com and in the papers' section of www.interestfreemoney.org
Perhaps your Party Branch could endorse that planand forward it to its policy -deciding process . . . ?
For all, in all
Viv AtOccupy Economics [Lancaster UK]
He's undoubtedly right...