Proposed Bank of England Act

Posted by on January 13, 2010)

Nick Clegg walks into a meeting with the Prime Minister with 7 million voters and 57 MPs behind him, and gets what he asks for. And therein lies the key to getting real financial and monetary reform within the next 5 years.

I’m sure that you’re aware that something is fundamentally wrong with our financial system. Specifically, there is a major problem with the way that money is created and injected into the economy, and this problem was at the route of the sub-prime crisis, the global financial crisis, the recession, and the current ‘sovereign debt crisis’ that is sweeping across Europe. 
We’ve been working on a solution, and after a year’s development, it’s ready:

The Proposed ‘Bank of England (Creation of Currency) Act’

But simply having a solution isn’t enough. We need a huge effort over the next few years to get that solution implemented. So what’s the plan of action?

We now know that the next general election will take place on the first Thursday 7th, May 2015.

That election will probably be held under the Alternative Vote system, where a candidate will need to secure support from at least 50% of voters to be elected (or re-elected). This means that all prospective MPs will be looking for policy proposals that win wide support, rather than just appealing to the largest minority. 

What proposal could have wider appeal than an annual tax cut of up to £4,000 per person, made possible by reclaiming the state’s exclusive right to create money and simultaneously ending the ‘legal forgery’ of around £200bn per year by the banking sector?

What if the main parties were arguing about which of them would implement this reform soonest?  Which party wouldn’t love to have a proposal that would:

* make the ‘inevitable’ cuts in public services completely unnecessary

*reduce the tax burden by up to 30% (tax cuts, not rises)

* provide funding for better public service, at no cost to the public, and

* sallow us to clear the national debt.

We need to make it easy for them to implement this proposal. So at the site below, you’ll find this proposal in legislative form, ready to be introduced into Parliament. You’ll also find a very comprehensive, plain-English guide to the changes and the mechanisms of this reform: 

The Proposed ‘Bank of England (Creation of Currency) Act’

So, how do we get this proposed Act of Parliament passed within the next 5 years? 

It’s going to be the elected government, and elected Members of Parliament, who need to make the decision to pass this reform through, for the sake of the economy and the future of the UK. 

So the first step is to for us to go to those MPs, not with a problem or a complaint, but with a solution. Now that we have that solution (which of course still needs further research and development), we can show them that there is a way out of this crisis beyond simply reducing the living standard of the wider public in order to protect the ‘free ride’ that the banking system has enjoyed for the last few hundred years.

The second step is something that I’ll have more to say about very shortly...

In the meantime, check out the Proposed Bank of England Act let me know what you think. Feedback, criticism, potential problems, and offers to help with the necessary research and development are all welcome! 



[See the Proposed Bank of England Act at:]