“Bring back the Bradbury Pound”
On August 7, Sabine Kurjo McNeill wrote: TODAY: 99th Anniversary of the Bradbury Pound – historic precedence of Government issued ‘Credit’:
I remember reading that, when he was Prime Minister, Gordon Brown said the Government can either tax or borrow to raise money – as if he had forgotten or never knew that governments ought to create money and put it in circulation, if they want to ‘run’ the economy. But they don’t and don’t seem to want to either.
On the 7th August 1914, in order to avoid a run on the banks, the Treasury issued Treasury Notes signed by John Bradbury – a form of national credit backed by the credit of the nation. We require that the Treasury immediately restarts issuing such interest-free money, based upon the wealth, integrity and potential of our country. Such an initiative would completely remove the hold the banks have over the nation, and would kickstart a productive economy.
As James Gibb Stuart pointed out in an early paper:.
“In certain well defined circumstances the Government can, should and does create money. There are several wartime precedents, as in 1914 when Lloyd George, to alleviate a banking crisis, issued – interest-free – 300 million of the famous Bradbury pound notes.
“The measure of money supply described as MO (ie banknotes and coin) already comes into circulation without debt, so no time-consuming legislation would be required to extend the process. Since Government and Treasury already accept debt-free creation – both in principle and fact – with regard to the banknote issue, they should be prepared for a modest extension into other forms of money aggregate as well.
“The new money thus created would be spent into the economy for essential social purposes. Instead of increasing the national debt by further borrowing, it is proposed that a vital realignment be made towards non-debt-related funding instruments, which would maximise the real wealth of Britain by utilising its human energy, skills and material resources. This process would make up the short-fall between what is socially and environmentally desirable, and what has been historically achievable by orthodox financial methods. Money spent wisely, for real social and economic gains, does not bring inflation”.
Sabine listed related articles:
The BRADBURY POUND – in anticipation of its 100th Anniversary (forumnews.wordpress.com)
TREASURY SELECT COMMITTEE has no plans to look into Bringing Back the Bradbury Pound (forumforstablecurrencies.info)
THE PEOPLE’s ASSEMBLY against Austerity: nearly 4,000 registered this Saturday Central London (forumnews.wordpress.com)