1: Editorial

Prof. Joseph Huber is Chair of Economic Sociology Em, Martin Luther University, Halle an der Saale, [email protected]

His presentation at the 9th Annual AMI Monetary Reform Conference, titled Modern Money. Interest-Bearing Credit or Debt-Free Currency? -- A Discussion of Modern Money Theory and New Currency Theory can be found at
This, though not short, is to be strongly recommended reading for anyone confused by the conflicting theories about money creation.

An article too long for this publiction but worth viewing, argues that Bitcoin may be the global financial elite’s chosen coming substitute for the US dollar, when it finally crashes, in the near future:

Polarisation between the rich and the rest:

Tom Lines emailed on 12 January:
For me, the killer information about the IRSG [International Regulatory Strategy Group] is the composition of its Council, which you can find at It includes senior figures from the financial sector worldwide (not just from Britain): banks and other corporations in eight countries including China, Japan, Switzerland and the US.

But that is in line with the City of London Corporation’s democratic mandate, since its electorate is largely composed of companies with offices in the City (including foreign ones), not by residents, and of course those firms’ managers decide how to cast their votes. The Corporation is no longer really part of the UK but a representative body of global finance WITHIN THE BRITISH CONSTITUTION.

The IRSG itself is run by senior stooges from the City - including Rachel Lomax, a former deputy governor of the Bank of England. And three government departments, the Bank and the financial regulators all attend its Council meetings as observers. The City Corporation, global finance and the British government ARE ALL IN IT TOGETHER.

Worse than that, the European Commission’s proposals for an EU-US ‘trade’ agreement (Transatlantic Trade & Investment Partnership in the jargon - but note that it’s really about deregulation, not trade) would set up similar cosy arrangements for corporate lobbies to decide on future business regulations affecting them before the general public gets a look-in. And they also want to ensure that all other countries follow suit, effectively destroying their powers to make their own economic policies.

Its website lists:


Membership of the Council seeks to reflect the international, cross-sectoral nature of the City of London. The Council sets the high level strategy for the IRSG.
Members are invited to participate in a personal capacity and comprise senior representatives from the broad range of financial and related professional services sectors. 

The following government departments and regulatory bodies sit as observers on the IRSG Council:
• HM Treasury
• Foreign and Commonwealth Office
• Department for Business, Innovation and Skills
• Prudential Regulation Authority
• Financial Conduct Authority
• Financial Reporting Council

Membership of the IRSG Council

Rachel Lomax (Chair)
Mark Boleat (Deputy Chair) -- City of London
Otto Thoresen -- ABI
Simon Lewis -- AFME
Elizabeth Corley -- Allianz Global Investors GmbH
Dr Tim May -- APCIMS
Sam White -- Aviva
Anthony Browne -- BBA
Wenjian Fang -- Bank of China
Kevin Ludwick -- Bank of Tokyo-Mitsubishi UFJ
Mark Harding -- Barclays
Gerry Murphy -- Blackstone
Ludovic de Montille -- BNP Paribas (UK)
Bradley Gans -- Citi
Chris Bates -- Clifford Chance
Costas Michaelides -- Credit Suisse
Colin Grassie -- Deutsche Bank London
Tim Howell -- Euroclear
Guy Morton -- Freshfields
Stephen Albrecht -- GE Capital
Martine Doyon -- Goldman Sachs
Charles Haswell -- HSBC
Duncan Wales -- ICAP Plc
Daniel Godfrey -- IMA
Mark Garvin -- JP Morgan
Ian Axe -- LCH.Clearnet
Michael Kent -- Linklaters
Dominic Morris -- Lloyds Banking Group
Sean McGovern -- Lloyd’s of London
Alexander Justham -- London Stock Exchange
Susan Revell -- Morgan Stanley International
Alan Whiting -- NYSE EURONEXT
Sir Andrew Cahn -- Nomura
Gilly Lord -- PricewaterhouseCoopers
Donald Stewart -- IXL Group
Nathan Bostock -- RBS
Alan Brener -- Santander
Gavin Ralston Schroders
Jonathan Blake -- SJ Berwin
Ian Fisher -- Société Générale
Richard Holmes -- Standard Chartered
Chris Cummings -- TheCityUK
Nick Collier Thomson -- Reuters
Wayne Lawson-Turnbull -- UBS
Mary O’Conner -- Willis Limited


Victoria Saporta -- Bank of England
Bernadette Kelly -- BIS
Stephen Haddrill -- FRC
Barbara Woodward -- FCO
David Lawton -- FCA
Paul Sharma -- PRA
Charles Roxburgh -- HM Treasury