Index

1   Editorial:

Every day the news builds up indicating the probability that a massive world recession is imminent, giving ever greater urgency to convey our message to the Green Party – and everyone else. Ellen Brown’s article on page 84 exposes the almost universal fraud practised by ‘financial institutions’, using ‘fractional reserve’-based credit creation, at the expense of society and nature.

The aim of the Monetary Reform Policy Working Group is, clearly, to develop and promote reform of the money system. However, it needs to avoid accusations of seeing this as a ‘panacea’, which it clearly is not – there are many other vital issues needing attention and reform. The point we need to emphasise is that money issues are fundamental to most of these other problem areas. Hence as editor I try to include material on these, especially where the relevance of lack of money or growing levels of poverty, inequality and debt rather than any lack of skills and materials is clear (and I welcome offers of relevant articles, etc., from readers).

Bill Krehm frequently points out, in Economic Reform, that early last century François Perroux argued that historically, there has always been a ‘dominant revenue’ – the source of income and power of the most powerful interests in a country, whose interests are thus taken to be those of the country as a whole. Initially, it was the physically strong – the warlords – whose interests dominated. Later, the landed aristocracy, followed by the mercantilists, then industrialists, leading now to global corporations, and ‘financial services’, including, of course, the banks – gaining vast wealth by manipulating bank-created money, distorting the ‘economy’ without creating anything of use to society.

While we would argue that the nature of the current way of creating and maintaining our money supply is of fundamental importance, another area of great importance is still that of land use and control. On this, I recommend to readers the occasional magazine, The Land, issue no.5 of which is now out. See its Comment article, Basic Banalities, which I reprint on page 73, as a sample of its quality. Other articles cover GM, AI (Artificial Intelligence) and ‘transhumanists’, human/animal muscle power vs. machines, the value of pigs as recyclers, sustainability of organic mixed vs. ‘Vegan’ farming, etc. (Subscription for 3 issues £10, or £7 concession, to The Potato Store, Flaxdrayton Farm, S Petherton, Somerset TA13 5LR. Donations welcome!)

James Robertson writes in his e-newsletter that Ron Morrison’s "short, no frills booklet" describes how "the banking system has come to dominate the life of Joe Public and his democratic government. Here is a core proposal for banking reform at a time when the present system is in disarray – perhaps terminally so."

An abridged version of Ron Morrison’s ‘Debt and Deception’ can be viewed/downloaded at http://www.scottishmonetaryreform.org.uk’ -- then click on ‘Read the Booklet’.

Another worth a look at on the Net is: The Financial Tsunami: The Next Big Wave is Breaking Fannie Mae, Freddie Mac and US Mortgage Debt, By F. William Engdahl

(URL of this article: www.globalresearch.ca/index.php?context=va&aid=9588)

Also of interest: Colin Hines has sent E-links to the final version of the Green New Deal report. In essence this initiative is an attempt to link the politically unavoidable and urgent need to tackle rising unemployment and slower economic activity with policies which at the same time would tackle the triple crunches of credit, climate and peak oil.

The report can be found on the nef website.

Brief description & order form:

http://www.neweconomics.org/gen/z_sys_publicationdetail.aspx?pid=258 

Summary on:

http://www.neweconomics.org/gen/greennewdealneededforuk210708.aspx 

The Green New Deal Group is, in alphabetical order:

Larry Elliott, Economics Editor of the Guardian,

Colin Hines, Co-Director of Finance for the Future, former head of Greenpeace International's Economics Unit,

Tony Juniper, former Director of Friends of the Earth,

Jeremy Leggett, founder and Chairman of Solarcentury and SolarAid,

Caroline Lucas, Green Party MEP,

Richard Murphy, Co-Director of Finance for the Future and Director, Tax Research LLP,

Ann Pettifor, former head of the Jubilee 2000 debt relief campaign, Campaign Director of Operation Noah,

Charles Secrett, Advisor on Sustainable Development, former Director of Friends of the Earth,

Andrew Simms, Policy Director, nef (the new economics foundation).

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