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.
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