Wednesday, February 25th 2004 - 6pm until 9pm
- Room G - Blackrod's Entrance
The text for the evening is:
WINNING the SUPPORT of MPs - for the BENEFITS
of the ELECTORATE with Peter
Challen, James Gibb Stuart and Alistair McConnachie
and Parliamentarians alike are not very familiar with the mechanisms
of creating money and the power of controlling the money supply.
The Government's share of the supply (cash and coin) has fallen
from 20% to 3% since 1964. 97% of the money circulating is interest-bearing,
created by banks as credit. No wonder that 5 of the top 10 companies
on the FTSE 100 are banks. For what does it cost them to create
the 'product' that they 'sell' ?
The Government's budget equals 40% of all the money in circulation.
This budget includes interest on the National Debt, every year
the interest is comparable to the annual cost of education, health
or the military. While personal and corporate indebtedness is
increasing and student fees are to finance higher education, it
seems paramount to make voters and Maps more aware of the underlying
This evening is the opportunity to spread the word via the network
of groups and individuals who have been contributing to Forum
meetings since their beginnings in 1998. The goal is to empower
concerned voters to communicate with their MAP to at least sign
the EDM if not also lobby the Treasury Select Committee. As speakers
we have the most effective networks in our field:
Peter Challen, Chairman of the Christian Council of Monetary
Justice, has written and emerald notes of the meetings and hosted
weekly meetings of the 'Global Table' to deepen discussions and
learning. Out of these impulses he has gathered a remarkable map
of related issues and a data base of individuals and organisations.
James Gibb Stuart published The Money Bomb in 1983, produced
three other books and a video on monetary reform and convened
the annual Bromsgrove Conference since 1997. www.jamesgibbstuart.com
says more about Government Debt as one of the causes of many of
our financial dilemmas.
Alistair McConnachie publishes the monthly newsletter Prosperity
UK and also organises the annual Bromsgrove conference which has
focussed on monetary reform since 1997. Based in Scotland, his
contacts are nationwide and international and his newsletter has
been an excellent vehicle for outreach to many individuals and
organisations who would otherwise never take the issues on board.
also Paper by Lord Sudeley
of the Meeting
Forum on February 25th focused on EDM 323 and the challenge to
everyone receiving this report to act in ways appropriate to whatever
windows of opportunity they could find to bring it to the notice
of MPs, MEPs, journalists etc.
Here is the text of Early Day Motion 323
"that this house notes with concern
the contrast between the enormous expansion of private credit
and the growing debt burden this imposes on society; further notes
that public credit, as measured by the proportion of publicly
created money in circulation, has fallen from 20% of the money
supply in 1964 to 3 % today; believes that using public credit
and increasing the proportion of publicly created money should
be used to cut the costs of, and to boost the quantity of, public
investment and to allow the Chancellor to fulfil his golden rule
without further borrowing; further believes that this can be done
without any impact on inflation; and, therefore, urges the Treasury
to commission an independent review of the benefits of using public
credit and increasing the proportion of publicly created money".
This is how we presented the challenge:
James Gibb Stuart opened. One of his key paragraphs read:
"At this stage we have to ask ourselves why, with such a
valuable source of debt-free public finance eroding to the point
of extinction, the news has to leak out via such a relatively
humble instrument as an Early Day Motion. Why not from H.M. Treasury?
From the Governor of the Bank of England? Or from an embattled
Chancellor, his budget forecasts savaged by war abroad and terrorist
threats at home? Faced moreover with the prospect of either raising
taxes or cancelling social programmes, why does he not choose
to outface the bankers by tapping into a long-established source
of public funding which has only been allowed to wither because
the modern shopper spurns cash, and prefers to deal by cheque
or credit card? His full paper will come to you soon
Peter Challen gave evidence of the increase in co-operation between
people who were previously working largely alone or in a group
of long standing independence. He spoke of the considerable increase
in activity within our expanding network, emphasising new indications
of a willingness among people to co-operate with complementary
thrusts and the range of specific pieces of detailed work being
done, which if we note can give us courage to seek advice when
we want to seize an opportunity to put the implications of EDM
323 to others. His paper indicating many of these will come as
FSC3. You are invited to add your account of opportunities taken,
or sought, to advance the cause.
Alistair McConnachie spoke of three tasks before us, in which
the Scottish Monetary Reform Society is taking a strong lead:
1. Raising academic awareness 2. Developing a specific MR project
3. Establishing an Educational Charity. His paper will come as
FSC3. Alistair's paper and that of James Gibb Stuart are also
published in the 50th monthly addition of Prosperity www.prosperityuk.com,
now on its way to subscribers.
Here are notes on the lively discussion that
Consider which comments help you in your own
conversations, letters, etc
It is very difficult to get people who are benefiting from our
present levels of prosperity to face the challenge/opportunity
EDM 323 presents. That is why Peter used the startling recent
headline "The pain we ignored in some parts of the world
has turned into murderous rage". 9/11s large and small will
follow if we do not play our part in accelerating change. Malaysia
made their equivalent 9/11 without an act of terrorism - by defying
the IMF and World Bank to utilise interest and debt free money
to stabilise their economy. Look for individuals and sites where
dialogue with Muslims is developing. [ "9/11 was not the
moment, 9/11 was the consequence".
So thorough preparation, using the experience of others, looking
for good educative material, noting suggestions on the front page
of Sabine's www.intraforum.net/money
website, realising that the little windows are as important as
the big windows of opportunity, if we are to build a critical
mass with which to launch genuine change - note the dialogue between
James Robertson and John Bunzl in their recent book to see how
national opportunities are enhanced by a movement to challenge
the international constraints - all these, and more, are things
we can each do to raise the tempo of our campaigning - www.jamesrobertson.com
It was noted that The Money Programme reported 40% of household
income services debt - we must get the dangers and implications
of this trend over to many. We need to develop myths that people
can grasp to make the breakthrough required - living systems -
the co-operative advantage - stable currencies - interest is not
necessary - etc. You think of and put in to us the key images
that help you communicate.
Glen Segell said EDM 323 raises big questions about the role of
"Would you not agree that monetary reform is actually
questioning the role of the state where government will not implement
any reform that would necessitate its own demise. This falls under
the headings: 1) Imperial Overstretch domestically (the state
is spending more than it earns thereby placing itself in debt
which was the demise of the Empire and is now happening internally)
2) This has resulted in a government call for PFI/PPP to finance
ventures that it cannot afford to finance eg Education and Health
3) Consequently the population is questioning where their taxes
go and why they should pay them eg historically the Thatcher Poll
Tax, and today pensioners on council tax. Further it has been
shown that 142000 people have refused to pay the London Congestion
charge. 4) Consequently it is possible to open a window of opportunity
simply by "not doing" e.g. do not pay taxes, do not
venture into PFI/PPP, do not save in pounds and hence monetary
reform will result through natural forces to find sustainable
solutions that work and are acceptable without placing burdens
on citizens. I pointed out the example of South American debt
in the 1970s where their debt was so great they controlled their
creditors. Maybe if we 1) did not buy houses but only rented i.e.
no collateral 2) did not save but rather spent everything and
more by credit cards then 3) the world population would have banks
at their knees negotiating for repayment on our terms. I state
"we will repay our credit card debts, but without interest".
Similarly governments would not be able to borrow on the national
savings hence monetary reform and new roles for the state.
The ILO's Commission on Globalisation published the day before
we met - articles and letters in the Press provide a topical Window
of Opportunity. Every £1 of Govt spend allows £8 to
be created as interest bearing debt [J Robertson]. If all are
so heavily in debt that £1 would not enable govt. to borrow.
Take EDM 323 seriously to avert this approaching impasse.
£22bn pa or 5% of Govt spend is on interest payments - use
this figure. Focus on 323 and look at the introduction through
Note that there are examples of skilled people relating to specific
contemporary issues such as - Housing accessibility - sustainability
- Student debt etc. Show how EDM 323 applies to such matters.
Familiarise yourself with work on co-ownership housing instead
of paying interest on a mortgage, specifically Islamicly sound,
and an alternative investment vehicle that could be presented
to people instead of interest-bearing accounts or risky ones like
the stock exchange. Some say let bad government run and it will
collapse, but the artificial good in it keeps it alive much longer
than needs be and aggravates the negative effects. Thus the urgency
for diligent education now, wherever we can start it.
The Shadow Chancellor Oliver Letwin MP proposes a long-term analysis
into saving (FOR the future) and borrowing (FROM the future) -
there is an issue here the Conservatives are raising - follow
that up - and note what Chris Cook and various groups (in Scotland
in particular) are doing to tackle this matter. If
Governmentt can produce a Pound note and spend it why not also
a Treasury note? Trade Union investment is massive [£100bn
or more!] - we'll try to get powerful points made here articulated
in a way we can all understand - then each of us can think what
our Union contacts could achieve. Occupational, occupational pensions,
Small Savers, commercial activity all affect investment - where
are the windows of your opportunity in that matrix of financial
commitment? Voice of the Unions
The ESF (Economic Social Forum) is likely
to take place in London on 14-16th October 2004. Ken
Livingstone is providing some support to the organising process
- programme working group needs your input! see
Banks are noticing Government's concern for interest restraint.
Never be trapped into saying "I'm not an economist".
Claim to be a concerned 'jobbing economists' who wants the professionals
to be transparent and clear about the advantages and pitfalls
of contemporary received wisdom. Reports of the enormous profits
of the Banks provide a window. may be even a slogan - "CUT
UP YOUR CREDIT CARDS".
Islamic leaders in Glasgow support monetary reform..... Some will
be at Bromsgrove next year. Note also the significant work that
Rodney Shakespeare is pursuing with Islamic academics. Note
and act in relation to World Debt Day 16th May. Please
describe your windows of opportunity so that others may learn.
Make comments. Don't wait to be asked - write up the comments
in your contribution. Note Sabine's web page -
What is Economics?
Windows are not opportunities to attack - they are opportunities
for informative dialogue - affirm people before you raise your
questions and constructive criticism - do not make judgements.
The very Day after our meeting Age Concern offers us a window
of opportunity in its February notice to all people over 60 about
levels of income and Pension Tax Credit. Relate EDM 323 to the
FINAL REFLECTION on all playing
our part - We must believe that the individual survival of
every human now depends strictly on his/her ability to exchange
views with other humans in learning to continuously update their
joint knowledge about the way the vying civilizing/ dehumanizing
adventures have been evolving, largely without our full cognisance.
And a thought from the ending of 'THE MATRIX' .... Zion,
New Jerusalem , hidden deep inside the earth, a multi-racial stew
of humanity plotting to regain their rightful heritage ... the
Earth itself. Waiting ... waiting ... for the one who has been
prophesied ... the one who will turn the Matrix upon itself and
destroy the machines' electronic, mass-feed propaganda tyranny.
Are you the one ?
Canon Peter Challen