Money creation to finally be debated at Westminster

On the day of the by-election.

You can watch LIVE tomorrow (20th November12.30pm: UK Parliament to debate Money Creation for first time in 170 years. via @PositiveMoneyUK

The Bank for International Settlements (BIS) is “protected by international treaty. Its assets can never be seized, even in times of war.”

BIS opened for business on 17 May 1930 in Basel, Switzerland, where it still has its headquarters today. Since its founding, the BIS has established two representative offices: in the Hong Kong Special Administrative Region (1998) and in Mexico City (2002). 

The BIS was created at the Hague Conference that dealt with the issue of German war reparation payments arising from the 1919 Treaty of Versailles. TheBrussels Protocol relates to the BIS’s immunities, including for assets deposited by the BIS with third parties. Brussels Protocol was signed on 30 July 1936 by representatives of 16 governments. 

Bank for International Settlements (BIS), Board of Directors (20032014).

Group of Thirtylist of Central Banks & GovernorsJacob A. Frenkel is a member of the Board of Directors at Peterson Institute for International Economics. Jaime Caruana, General Mamager at the BIS is also a member of the Group of Thirty. 

From the Guardian (18th November 2014) re Money Creation & TTIP:

“In the Commons on MondayCameron spoke for the first time about the Transatlantic Trade and Investment Partnership (TTIP). If this treaty between the EU and the US goes ahead, it will grant corporations a separate legal system to which no one else has access, through which they can sue governments passing laws that might affect their profits…Is it not time to think again? To stop sacrificing our working lives, our prospects, our surroundings to an insatiable God?

To consider a different economic model, which does not demand endless pain while generating repeated crises? Amazingly, this consideration begins on Thursday. For the first time in 170 years, parliament will debate one aspect of the problem: the creation of money.

Few people know that 97% of our money supply is created not by the government (or the central bank), but by commercial banks in the form of loans. At no point was a democratic decision made to allow them to do this.

So why do we let it happen? This, as Martin Wolf has explained in the Financial Times, “is the source of much of the instability of our economies”. The debate won’t stop the practice, but it represents the raising of a long-neglected question.” 

Ken Craggs.
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1 comment for “Money creation to finally be debated at Westminster

  1. November 27, 2014 at 12:20 pm

    Mitchell & Goldsmith in UK “Great Money Creation Debate”
    Jct: The best of of Austin Mitchell and Zac Goldsmith from the “Great Money Creation Debate” in the UK Parliament on the most important issue on the planet, who controls creation of our credit, private banks or government utility, the whole debate I posted with commentary at

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