A political step forward
In September Molly Scott Cato wrote, “we finally got the monetary reform motion through conference yesterday” and a useful link to the Green Party’s online account was given in James Robertson’s latest rich and wide-ranging newsletter.
“The one truly constructive announcement for the future from any of the 2013 party conferences”.
The proposer of the motion, Andrew Waldie of Kent Green Party, said:
‘The privatisation of the money supply by stealth must be reversed. The creation of a country’s national currency is in the interests of all its citizens, and as such should be put under public control.’ He added:
‘In voting for this motion, the Green Party has put in place the third part of a trinity of radical policies to finance the move to a post carbon and equitable economy. Public credit creation joins the Citizen’s Income and Land Value Tax as the three jewels in the crown of our economic policy.’
Molly Scott Cato, the party’s economics spokesperson added:
‘For too long the ability to create credit has been the preserve of the private banking system. The financial crisis demonstrated that banks are not competent to exercise this vital power and I am proud to represent a party that has the courage to reclaim the right to create money to a democratic authority that will operate in the interests of society at large rather than the private shareholders of banks.’
‘The Green Party of England and Wales joins the United States Green Party in opposing the creation of money by private banks and backed by debt. The motion outlines how a Green government would end fractional reserve banking and delegate the money creation function to a National Monetary Authority. Direct credit creation would enable investment in public services and green infrastructure’.
A search for the text of this motion, outlining how a Green government would end fractional reserve banking and delegate the money creation function to a National Monetary Authority, was fruitless. If this is sent in, it will be added here.