Here’s what I wrote for the electronic version of the Money Bomb:
The Money Bomb is the earliest comprehensive book about the national debt that I came across on my odyssey into understanding our capitalist money system.
The fact that it was banned from all W H Smith windows in London after a positive review in the Evening Standard demonstrates what any critique is up against: the powers that do not want the general public to know what holds them to ransom.
The book is as true and relevant today as it was then; for the national debt mechanism is far from being understood, because it is not taught appropriately. In fact, the London School of Economics doesn’t even teach what ‘money’ is. And the daughter of the author of The Web of Debt was not allowed to write her PhD about the topic, because “that’s not Capitalism.”
It is quite remarkable how banks and, above all, the Bank of England get away with fudging the issue: by talking about ‘broad’ and ‘narrow’ money rather than Credit and Cash. By not spelling out the crucial differences: whether it’s bank- or government-created and whether it’s interest-bearing or not.
It is also remarkable how the author has described the problem in terms that are perfectly understandable without going into the systemic analysis that I undertake as a mathematician and computer diagnostician. He does not take economic arguments on board, but paints the big picture of a country, the creation of its money and the maintenance of its stock.
“Too much money chasing too few goods” has become more and more painfully apparent to me as the organiser of the Forum for Stable Currencies at the House of Lords and Commons since 1998 which James Gibb Stuart also addressed and supported. But as a lone voice in the House of Lords, Lord Sudeley could make as little difference as Austin Mitchell MP in the House of Commons.
James Gibb Stuart had generously paid for the bill of the Human Rights lawyer who advised us to “go for Parliamentary scrutiny via the Treasury Select Committee”. But making written submissions and talking to the Chairman didn’t make a difference either. Our voices don’t get heard.
In fact, there is a strange kind of ‘charade’ that seems to be going on in Westminster: everything sounds right and reads well. But the realities that matter don’t change, while things are getting from bad to worse. This is only noticeable to people as they get old enough though.
Financial institutions have been relying on critics dying away since the foundation of the Bank of England in 1694. But the writers of the Bank of England Act in 1694 actually had good intentions: “to avoid the serious oppression of Their Majesties’ subjects, the Corporation is not to trade.”
The fine is treble the value, i.e. every national bond issue is a punishable offence. And instead of the Government paying around 20% of its budget in interest every year, it should be paid by the Bank of England. But the battle of power between the City and Westminster is historically well entrenched. It relies on people ‘just doing their job’ in institutions. Their salaries and pensions matter. Not the public interest.
It can only be hoped that the internet where everybody brings their own device, where data is becoming open and where information is shared among likeminded folk will make the difference that is so badly needed.
I am glad to see the Money Bomb join the electronic world. For at its worst, it’s a record of historic significance. At its best, however, new generations of monetary reformers are going to have the kind of Aha experiences that I had 25 years ago, so that, at long last, we will see the difference that James Gibb Stuart devoted his life to.
With my very best wishes for lots of clicks on the electronic Money Bomb,
Sabine K McNeill
Organiser and Web Publisher, Forum for Stable Currencies
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- INSPIRED by UKIP: the UKIP £, Child Snatching and the Bradbury Pound (victims-unite.net)
- EXCEPTIONAL and extreme cases of maladministration and mismanagement? (victims-unite.net)
- LAW BREAKERS can’t be Law Enforcers: the First Empowerment Monday (victims-unite.net)
- “I am afraid the ordinary citizen will not like to be told that the banks can and do create money. And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hand the destiny of the people.” – Reginald M (inquiringminds.cc)
- TO EDWARD TIMPSON MP: Return our Stolen Children – our letter to the Prime Minister (mckenzie-friends.co.uk)
- Bring back the Bradbury Pound (theberkshireblog.com)
- THE PEOPLE PROCESSING Industry: Dishonest Money in, Victimised Victims Out (victims-unite.net)