Yesterday I argued that debt obligation has provided financial institutions with the ability to neuter modern democracy. Today I would like to expand upon this, with the help of the following analogy, in how our government is complicit and needs to change.
We’ve all heard the term ‘Money Supply’ and whilst it carries an air of mystery about it, it is no different in how it works to our water supply. If you imagine a garden in which you are growing both flowers (the 1%) and vegetables (the 99%), they all need water in order to grow healthily. (I’m going to ignore rainfall for the purposes of this argument.)
Properly watered the plants grow abundantly and flourish. If we turn the tap off, or only supply water to a part of the garden, then one bit will flourish and the other will suffer and potentially die. From this we can see two critical factors at work. (1) The flow and direction of the water. (2) THE CONTROL OF THE TAP.
By far the most critical factor is (2), as it doesn’t matter in which direction you point the hosepipe, if no water is being allowed out all the plants will die! With control of the tap comes immense power. This power can then be wielded to instruct where the water is to be directed and how much will be supplied. From this it can be seen that the operator of the tap holds the power of life and death over the whole garden.
For centuries the control of the money supply has gradually fallen into the hands of the private banking sector arguing, rightly so some would say, that our money should be kept separate from politics and that money is the business of banks anyway.
Conversely it is argued that, as profit driven entities, it is becoming ever more difficult to afford the costs of private banks supplying our money, as evidenced by growing global debt. We are also currently experiencing the money being directed to the wealthy 1%, who are flourishing and away from the 99%, who are ‘wilting’.
This whole process of money supply could be done more beneficially by our own governments printing and circulating our own money.
A defining consequence of governments printing their own money would be their ability to recirculate the interest earned back into the economy, rather than taking it out as profit as the banks do. Recirculating that interest means we would be able to use it to pay for all of our social services. This would substantially reduce, or even do away with the need for the income tax we pay that currently funds our services, as well as paying the interest on our national debt.
No it’s no fiction! It already happens in the State of North Dakota in America, with their own state controlled bank. In Switzerland, the global ‘home’ of private banking, private and public banks work together amicably and there is no reason it could not happen here.
The onus is upon our government to grasp the nettle, break with debt obligation and return democracy to the people. After all it is their sole responsibility that we are now saddled with mind-numbing levels of debt we have not authorised, which will hold us and our children and their children in penury . . . and that, I would suggest, is not what life is about!
It would be simplicity itself to introduce a public banking service for the people (reinvigorating the present Post Office!) and continue private banking as an integral part of the corporate world, where the need for specialist banking services is imperative to trade and commerce.
My very real fear is however, that few of the people we have elected to govern us understand how the money supply works and just how much of a threat it has now become to the democratic process. That the people we empower can create so much misery, through so little an understanding of their actions beggars belief.
If it were not so, a recent debate on the subject would have seen far greater numbers of MPs present, rather than the mere handful who actually turned up to fight our corner on whether private banks should indeed supply our money.
For this reason alone I would argue that the 2015 General Election is the most critical we have ever faced in our history as a democratic country. As I keep saying, it’s no longer about Left & Right, it’s about returning our country to a true democracy in which Left, Right or any other political party can function independently of vested interests, other than the peoples. For that to happen the people must be re-empowered.
I know there are those of you who are not keen on causing political disruption by creating a hung parliament. OK, I will offer an alternative.
We tell all who are standing next year that they will get our vote if they commit to introducing ‘People Driven Referendums’ on ANY subject, if the numbers warrant. It happens in Switzerland where, with a smaller population than ours, it only needs 100,000 to pledge and a referendum is called. Here people are involved, listened to and have a very real say in running their country.
(Indeed this Sunday the Swiss people will decide how their country’s gold is used, held and stored, bringing greater financial stability to their currency. A far cry from the UK where our Chancellor sold all of our gold at rock bottom prices and we didn’t know about it until long after the deal had been done!)
I am sure mine is not the only possible solution to return control of ‘The Tap’ to the people, but return it we must. Between us a viable solution is possible. If we don’t act soon to restore true democracy, the present power consortium of government and corporate sector will continue unabated and we will have no one to blame but ourselves!
Until the next time
Thinking form his book: Global Magna Carta. Returning Power to The 99% . . . If They Want It! By J T Coombes