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MP Douglas Carswell, like MP Thomas Attwood, tries to change the monetary system for the better . . .

September 19, 2010

Now MP Douglas Carswell takes up the challenge

Molly Scott Cato writes: “The debate on monetary reform is on the move. This is one of those issues where the old left-right, capital-vs.labour argument gets thrown into disarray . . .

Douglas Carswell

On 15th September Douglas Carswell introduced a Bill – Financial Services (Regulation of Deposits and Lending) – that some think will be the first step towards ending fractional reserve banking. He said:

“I beg to move, that leave be given to bring in a Bill to prohibit banks and building societies lending on the basis of demand deposits without the permission of the account holder; and for connected purposes.” The Bill will be read a second time on Friday 19 November and printed (Bill 71).

Mr Carswell explained: “My Bill is not just a consumer-protection measure; it also aims to remove a curious legal exemption for banks that has profound implications on the whole economy. Precisely because they are able to treat one’s deposit as an investment in a giant credit pyramid, banks are able to conjure up credit.”

Read the Hansard text here.

Molly Scott Cato surmises that the bill has been moved because “those who own the capital appear to be becoming disgruntled about those who ‘create’ money undermining their holdings.”

However Carswell’s record instils confidence:

  • After returning from an Armed Forces Parliamentary Scheme [APPS] trip to Afghanistan, Carswell, having noted the poor equipment and lack of helicopters, publicly criticised  these shortcomings and was then ejected from the APPS.
  • He called for reform of parliamentary expenses before the 2009 expenses scandal and led the campaign to eject Michael Martin as Speaker of the House of Commons.
  • Carswell is a strong advocate of greater localism
  • He speaks out about the shortcomings of the European Parliament

An MP worth watching . . .


For information on this and related topics see Ben Dyson:


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