Sign Petition To Stop Fractional Reserve Banking

[just_me]

http://petitions.pm.gov.uk/Public-Finance/

1. Pay off the debt with debt-free UK Notes.

As Thomas Jefferson said: "If the US can issue a dollar bond, it can issue a dollar bill". Same for the UK.

2. Abolish Fractional Reserve Banking

As the debt is paid off, the reserve requirements of all banks and financial institutions would be raised proportionally at the same time ...

3. Repeal of the Bank of England Acts and Charters This will remove the private banking monopoly's ability to dominate the money market and give control back to the Department of Treasury

4. Withdraw the UK from the IMF, the BIS and the World Bank

These institution like the Pound Sterling are based on debt control by private banks and unless they too can be reformed they will continue to create the debt lock. They are not needed for currency exchange either.

5. All decisions and appointments should become public.

Supply should be kept slowly based on population growth and purchasing power.


http://petitions.pm.gov.uk/Public-Finance/

[warrior]

i hope you get alot of signatures

[revisionist]

Ther's a chap in the BNP who is keen on this topic. He produces DVDs with cartoon-like descriptions of banks etc.

[1] What about the genuine fact that time is important? If I offer you a million dollars, that's great. If I offer you a million dollars in a hundred years' time, that's much less great. The further off, the less immediate value there is. This is part of the natural world and presuambly will always be true.

[2] There is a risk issue with loans - though the tradiitonal model of lots of competing organisations is now outdated - a few huge ones control an awful lot. So 'risk' as a factor in interest is a bit uncertain.

[3] Any organisation that issues paper money presumably has responsibility associated with it. So *maybe* it's reasonable that money-printers should charge a percentage. Food sellers, car sellers etc etc all charge a percentage which has some historical basis.

[4] As long as paper money has some legal backing, presumably it's ok - at least unless there's a collapse in confidence. It's possibly more of a tribute to civilisation if people can rely on the state to e.g. fight forgery and have some system re bankruptcy, rather than everyone have their stash of precious metal, liable to be lost.

[5] I *think* fractional reserve critics dislike the 'money creation' idea - for example a mortgage seems to be regarded as 'creating' money.

*** Unless you people can address all these issues, I don't think you'll get anywhere. You have to quantify things - explain exactly what your reforms will do and cost them up. With historical parallels. If you can do this, you'll be convincing. If you can't I don't think enough people will be persuaded & rightly so in fact. *****

[secondsun]

...whats the point!?... `They` will only come up with Quantitative Easing banking!!