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:
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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!
john
*************
> 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”
