* Name (required):

  Expression ^{(Optional mood/title along with your name) Examples: (happy, sad, The Joyful, etc.) help)}

  E-mail address (optional):

* Type your message here:
>>Channel Islands model of debt-free money >>Patricia Knox >> >>Adapted extract from a submission to the Institute. >>The British government, like most other governments, >>has delegated money-creation to the central bank. >>Money is therefore loaned at interest to the >>government by the central bank, instead of being >>issued debt-free by the government. Increasing amounts >>of tax revenue are therefore being used to repay the >>debt to the Bank of England. Since there is no >>mechanism for writing off any government debt, present >>day tax money is being used to pay interest on the >>accumulated debt of the past 300 years. High interest >>rates only aggravate the situation. >> >>The banks should pay governments for a licence to >>create money. Governments should not pay interest. >> >>As each year goes by, an increased percentage of tax >>revenue is swallowed up by the Bank of England, and >>social services are withdrawn as there is not enough >>money left to fund them. >> >>Debt is like a cancer in society. It causes the ills >>of unemployment, bankruptcy, poverty and destitution, >>which lead, in turn, to crime and ill health. At some >>point in the future, at least in some countries, the >>rate of money-creation, increasing at an exponential >>rate, will be overtaken by the size of the government >>debt, increasing at an even faster exponential rate. >> >>At that point, all wealth will go to pay an >>unrepayable loan, and there will be no social >>services. This is already the case in Third World >>countries, where the real wealth of those countries is >>exported to pay an unrepayable debt, and where every >>newborn baby is already in debt to foreign banks. >> >>In the Channel Islands it is different. There, the >>government has not delegated the money-creating powers >>to the banks. There, the government creates debt-free >>money and spends it into the economy, rather than >>lending it into the economy, so that the government >>has no debt to the banks. Partly as a result, Jersey >>and Guernsey experience prosperity unknown in many >>countries. Income tax is only 20%. There is no VAT, >>inheritance tax or capital gains tax. >> >>Governments everywhere should take back their power to >>create interest-free money, and nations would thus >>reach a new level of prosperity. An essential first >>step would be to make all loans unenforceable, like >>gambling debts are now, and then money lenders would >>become more responsible in their lending. Equity >>finance, where the investor shares in either profit or >>loss, rather than loans on fixed interest, would >>become the approved method of finance. >> >>Patricia Knox, Pen Llywenan, Bodedern, Holyhead, >>Gwynedd, Wales LL65 4TS (tel 01407 740767).
Choose Message Icon: None :-) Happy ;-) Wink :-D Joy :} Smirk <:-} Innocent ☮ Peace >:) Mischief B-) Shades <3 Heart |O Yawn <:P Sick >:-( Angry :~( Sad ? Question *!* Alert Thumbs Up Thumbs Down (!) Idea [Info] Info Oo. Talk [ View Emoticons ]

Notice: Copies of your message may remain on this and other systems on internet. Please be respectful.