Discussion of The Banks' right to create money (seigneurage) discussed on BBC "Today" programme

Amazingly, John Humphreys on BBC Radio’s flagship news programme “Today” had two religious leaders Tarek Al Diwany  and Dr Selby, who were discussing where money came from and its relationship to religion, and how the Christian Church had historically relaxed its stance against usury. They both agreed that where we had gone wrong, was in allowing the banks to “create money out of nothing” ie debt, and it was this shift from the traditional form of the State creating money that had got us into the current mess.  This issue has been widely discussed on the Claverton email network and by for example Chris Cook’s pieces,  and Chris Cook’s conference papers (use search bar top right to find others).  The whole idea that we could do without banks creating money was apparently a staggeringly new idea for Humphreys.

Many in Claverton say the only way out of the present mess is for the government to take back its traditional right to issue money (seigneurage)and use it to create a renewable energy infrastructure as fast as possible, thereby regenerating our manufacturing, and over time swapping our estimated Pounds 35 Billion annual fuel import bill with the cost of the necessary infrastructure.

Time for Chris Cook to contact the BBC and to get them to do a piece on his revolutionary and sensible ideas?

See also Chris’s latest presentation in Teheran – which covered money/credit and a “Petro” value standard –


Also Systemic Financial Reform…..

2 comments on “Discussion of The Banks' right to create money (seigneurage) discussed on BBC "Today" programme

  1. The Today programme had a discussion about a sort of local bank which is being set up in Cambridge shire to fund local idustry. Humphries said something like ” What? like all the local mutualised societies that were demutualised a few years back” (which everyone said would end in tears – just as it did).

    But the funny part was when he asked what sort of hurdles they had to jump through. The guy said “well all sorts – but the biggest were the FSA regulatory hurdles – they want to make sure we were fit and proper people”.

    I couldn’t help thinking, “Well – just make sure you don’t employ any ex bankers then”

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