Saturday 8 November 2014

Bond issues: part four, a letter

Dear Hugh Bayley,

RE: BACKBENCH DEBATE ON MONEY CREATION ON THURSDAY 20TH NOVEMBER 2014

A backbench debate on “Money creation and society” has been tabled for Thursday 20th November 2014. This will be the first Parliamentary discussion of money creation for 170 years, and I urge you to attend if at all possible.
Money creation affects almost every aspect of our lives, including public and private debt levels, house prices, and rising inequality. It is also the reason why an economy whose growth is constrained (for example by natural limits) cannot remain stable: debt will inevitably overtake the means available to repay it.

97% of money is created by banks as they make loans (as recently confirmed by the Bank of England - see link below). Most of the money created by banks is directed towards the very "casino" banking which the Labour Party wishes to rein in, as mentioned in your letter to me on 24th September, in which you also noted that you found the information interesting.

Please find a briefing for the backbench debate “Money Creation and Society” here [https://www.positivemoney.org/…/11/Backbench-Briefing-Note.…]

I know you are often busy on issues of overseas development, but would you be willing to commit to attending this debate on Thursday 20th November?

Yours Truly.