This invitation I received makes interesting reading. Have a look; and do feel free to go along to the lecture yourself if you would like to. Just contact Bill Dyson at email@example.com.
Date: Thursday 28 October 2010
Venue: Sheikh Zayed Theatre, New Academic Building
London School of Economics
Tel: +44 (0)20 7405 7686
Speaker: Professor Jesús Huerta de Soto
A growing number of people are realising that our current money system, which gives commercial banks a monopoly on the supply of money to the economy and throws much of the population into unnecessary debt, is defective and urgently needs reforming. On Thursday 28th October 2010 the following lecture is being held at the typically mainstream London School of Economics, and is worth attending if you’re in the area. It’s free.
Prof Huerta de Soto comes from the Austrian school of economics, which has a very unique approach to the analysis of money, and which you may or may not agree with. We’re particularly interested in this:
“Prof Huerta de Soto will also unveil his proposal for similar legislative change that the “Peel Act” or Bank Charter Act of 1844 achieved with regards to the over issue of promissory notes to gold, but with respect to the over issue of credit. The consequences of doing this should create a climate of financial stability and an opportunity to totally restructure the national debt (potentially pay it off).”
The 1844 Act made it illegal for commercial banks to issue their own bank notes. Prior to the Act, the banks had been issuing so many bank notes that they caused inflation and destabilised the economy (this should sound familiar). Unfortunately the legislation never made it illegal for banks to create the digital numbers in your bank account. Since then, digital money has become 97% of all the money in the economy. Between 2000 and 2009 alone, banks created £1.2 trillion of this digital money – a major contributing factor to the house price boom and subsequent bust.
The Positive Money team believe this loophole was at the root of the financial crisis, and needs to be dealt with urgently, so we’re very keen to see what Prof de Soto is going to say on Thursday 28th October.
Full details are here:
If you’re going, let us know (reply to this email) and we can all meet up for a post-lecture drink.
Ben Dyson, on behalf of the Positive Money team.
107 Fleet Street
London, – EC4A 2AB
Email address is: firstname.lastname@example.org
Copyright (C) 2010 Positive Money All rights reserved.
The current financial and economic situation of the world should be analysed from the point of view of the Austrian Business Cycle Theory as developed by Mises and Hayek. Professor Huerta De Soto will present innovative solutions to the banking crisis and credit crunch working within the tradition of the Austrian School masters, Mises and Hayek. He will also unveil his proposal for similar legislative change that the “Peel Act” or Bank Charter Act of 1844 achieved with regards to the over issue of promissory notes to gold, but with respect to the over issue of credit. The consequences of doing this should create a climate of financial stability and an opportunity to totally restructure the national debt (potentially pay it off).
Should you wish to get an advanced feel for the subject of the lecture, you can look at Chapter 9 of this book by Huerta De Soto, which can be downloaded from The Cobden Centre, the pdf is called “Huerta de Soto, Jesus: Money, Bank Credit and Economic Cycles. This chapter gives the theoretical outline of part of the lecture.
Jesús Huerta de Soto is professor of political economy at King Juan Carlos University.
This event is free and open to all with no ticket required. Entry is on a first come, first served basis. For any queries email email@example.com or call 020 7955 6043.