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Monetary reform

“The money supply consists largely of bank debt. This is ridiculous. The government should be the sole issuer of debt free money.”

2. How does it fit with Compass’ core beliefs of equality, solidarity, democracy, freedom, sustainability and well being?

Money is essential to the functioning of any society. It has been well documented since ancient times, that monetary systems based on debt lead to the emergence of a plutocracy, social inequality and chronic insecurity, as well as economic problems, wars and ecological crises.

Usury was forbidden by Islam and Christianity. A debt-free monetary system democratically controlled by the government would remove or greatly diminish the problems caused by the unsustainable build up of debt. No one should incur a lifetime’s debt just to get an education or buy a home.

3. How does it build the institutions of social democracy, like social groups and collective and cooperative forms of ownership and control?

The monetary system would become the instrument by which social needs could be realised. The benefits of money would be shared through a decentralisation of economic power by a providing basic income for all, banks operating as public utilities providing low interest credit, the gradual cancelling of the national debt, and the lifting of the huge burden of usury generally. This would require a revolution in the way society is organised, allowing the regeneration of local economies and forms of government away from multinationals and centralised bureaucracies.

4. How much will it cost or raise and where will any cost come from?

Vast resources are lost and wasted under debt-based money. A fifth of GDP consists of interest payments - dead money, including the national debt. £66bn is foregone annually by government by forfeiting its right to control the money supply. Hidden costs include crime, mental illness, family breakup, addictions and other problems caused by the pressures of debt based money.

But the question is wrongly posed. The real question is - do we have the capacity to do this, i.e. to meet a social need and then bring money into existence to realise it.

5. Which groups in the electorate are likely to support or oppose this measure? Is there any polling evidence you have on this?

Most peope are unaware of how the monetary system works and it is barely understood by even those responsible for it. This is because the dominant interests in our society control the media and even the state and therefore have a vested interest in concealment.

Once it is explained, it is hard to see how anyone without a vested interest in debt could oppose it.

6. Is there a place or country where it’s worked? Please provide some information.

Not that I am aware of. This, however, does not constitute an argument - someone has to be first.

7. What are the three main arguments in favour/against it?

It makes money the servant of society, removes the danger of unaccountable centralised power and none of our social economic or environmental problems are soluble without it.

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This entry was posted on Friday, February 13th, 2009 at 3:29 pm and is filed under Equality. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.