AND, crucially, the wholesale reduction of the money supply which is now causing a Worldwide shortage of money which is resulting in Governments in many countries being forced to reduce spending, throw people out of jobs & reduce welfare benefits, NHS spending and all the rest.
In other words, the sheer corrupt greed of the banks has produced Wordwide poverty for millions of people.
“It is astonishing that the banks, having cost the country £68bn in bailouts plus an additional £850bn in loan guarantees, asset protection schemes and enhanced liquidity, have not been reformed in any way in structure, pay, bonuses or lending”, MP Michael Meacher says.
Michael Meacher is the latest MP to speak out against fractional reserve banking. In his blog, he displayed his astonishment that no serious reform of the banking sector had taken place since the enormous taxpayer bailouts of the recent financial crisis, and praised the proposals put forward by Positive Money and the New Economics Foundation. He criticised the money creation abilities of the banks, influencing the money supply by encouraging more or less money creation, and the fact that customers have no control over where their money goes. Mr Meacher also called for the nationalisation of the money supply, rather than the banks, and said that the proposals would have “prevented the crash of 2007-8”.
Gaining the support of MP’s such as Mr. Meacher is going to play a crucial part in the movement of fundamental banking reform into the political mainstream, why not contact your MP to see if they are aware of the issues and what their stance is on banking reform? You could do this through a tool we use for our One Good Cut campaign
Once you’ve written to your MP you could contact us if you’d like to get a group of you together to go and see your MP, either at your local surgery or in private – we can send out an email to people in your area if you’d like to do this.