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Gillian Swanson, like Thomas Attwood, seeks to repair the damage and re-establish prosperity

October 19, 2010

In the tradition of Thomas Attwood, Gillian Swanson seeks to ‘repair the damage and re-establish prosperity’. Like him, she sees the potential of money as a vital force which could ‘break open the “prison doors” that bound society’. * 

It is clear that the present monetary system is no longer fit for purpose

Gillian also shares Attwood’s view of the monetary system, adding that “The much-vaunted financial services “industry”, with its plethora of elaborately designed “products”, does not create new wealth. It merely manipulates financial units, deciding who gets how much of the brand-new money it “lends” into existence, and for what purpose.” 

In a letter to the Telegraph, she notes, “There are clearly plenty of ways to cut government spending without penalising the human beings who pay MPs’ salaries and expenses . . . The Bank of England (Creation of Currency) Bill 2010 shows how adequate incomes can be distributed even after the elimination of thousands of useless, indeed, counterproductive, government jobs and quangos:

”At present we rely upon the commercial banks to create all of the nation’s non-cash purchasing power: 97% of the total money supply. Enactment of the Bill would make it as illegal for these banks to create non-cash money as it already is for them to print notes or mint coins. Instead, responsibility for creating our means of exchange, non-cash as well as cash, would be placed firmly in the hands of a democratically accountable public body.

Once in circulation, new money would flow into those private enterprises which create real wealth

”Under the provisions of the Bill, new money, free of any debt at source, would be spent into the economy on infrastructure and on the kind of public services people are happy to pay for. Once in circulation, this money would flow into those private enterprises, particularly small businesses, which create real wealth . . . [and] the commercial banks would be limited to performing their proper function – ie, to competing for deposits in the open market, lending out only money which already exists.”

 *[Thomas Attwood: the biography of a radical by David J. Moss, McGill-Queens University Press, 1990]

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