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How Publicly-Created, Debt-Free Money Addresses the Islamic Concern about Interest »

How Publicly-Created, Debt-Free Money Addresses the Islamic Concern about Interest

The following was delivered by Alistair McConnachie on Wednesday 13 March 2013 at 7.30pm, at a seminar entitled "Ethical Finance – Understanding the Money System and its Consequences", at the Boyd Orr Building, University Avenue, Glasgow University, G12 8QQ. The event was part of Islam Awareness Week 11-17 March. The speakers were Omar Shaikh,...

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If Banks can Create Money, then why did Northern Rock run out of Money? »

By Alistair McConnachie Some people who are opposed to our reform will claim that we must be wrong when we say that "banks create money" because, "If banks can create money, then they should never go bust." This article was written with credit...

4 Reasons Why we Can Trust the Bank of England to Create Money »

By Alistair McConnachie We are clear that the money-creation decision has to be separated from the money-spending decision. We cannot have politicians being able to create money and spend it, since they will use it to enhance their electoral...

Investigating the Bank of England Nominees Limited »

Investigating the Bank of England Nominees Limited The following article by Alistair McConnachie appeared in the October 2011 issue of Prosperity. Occasionally we encounter people who refuse to believe the fact that the Bank of England is a fully, publicly-owned national institution, and has been...

Beware of Electronic Currency Clippers – by David Weston »

Beware of Electronic Currency Clippers – by David Weston Above: David Weston (right) and Paul Grignon, Glasgow, Scotland, Friday 4th September 2009. Recently, Barclay's Bank and HSBC industries announced that each had 'made' three thousand million pounds in a mere three months. What do they mean by...

How We Got into this Situation and What We Can Do to Get Out »

by Alistair McConnachie The following was delivered by Alistair McConnachie at the Thirteenth Annual Bromsgrove Conference on 3rd Oct 2009 and was published in the October 2009 issue of Prosperity. In this presentation I want to talk about...

A History of Banking Regulation in the UK »

by Alistair McConnachie THE BANKING ACT 1979 This was the first UK Act to put banking regulation on a statutory footing. Prior to 1979 there was no regulation of the sector. This was around the same time as EC Directive No 77/780 of 12 Dec...

Money Reform is Not Inflationary »

By Alistair McConnachie Following the press coverage this year about "quantitative easing", it is clear that the major obstacle against our Reform is fear that new money created by the State is always "inflationary". Certainly, new money...

How the Fractional Reserve System Works »

By Alistair McConnachie This article is intended to provide Money Reformers with important background information on the fractional reserve system - and which may help them if they have to explain it at length in any kind of public situation. The...

Money Reform Ideas Begin to Emerge »

Alistair McConnachie examines the extent to which "quantitative easing" is similar to our proposals and considers objections to the idea that a central bank or "the government" should create money. Slowly, the credit crunch is allowing Money...

Time to Put the Horse before the Cart Again: Time to put the Economy before the Banking System »

A version of the following was delivered by Alistair McConnachie to the Islam Awareness Week function at the Sir Charles Wilson Building, Glasgow University on Thursday 4 December 2008, and to the Global Vision 2000 Conference at Lancaster Gate,...

An Interview with Stephen Zarlenga »

The following was recorded on the morning and early afternoon of Friday 5th October 2007, travelling in the car of James and Dorothy Gibb Stuart, from Glasgow to the Bromsgrove 2007 Conference. It has been transcribed by Alistair...

Seigniorage and the Bank of England: How It’s Calculated »

Seigniorage and the Bank of England: How It’s Calculated by Conall Boyle It was J K Galbraith who said: "The process by which banks create money is so simple the mind is repelled. Where something so important is involved a deeper mystery seems only decent." Well, it looks like the folks at the Bank of...

Making the Case 2: Broadening Economic Management »

By Frank Taylor Arguments about debt will always be abstractions until and unless it can be demonstrated that debt and land price inflation hits Joe Soap hard and right in his pocket. In the April 2007 issue of Prosperity I argued that...

Money Supply Links House Prices, NHS Deficits and Climate Change »

By Anne Belsey Money is such an integral part of most people's lives that few give it much thought. It's just there. There might never be quite sufficient for all the things that even a rich country like Britain might wish for, but then money...

Debt Drives Unsustainable Growth »

By Alistair McConnachie It is our debt-based economic system which is driving the unsustainable growth which leads to resource depletion, environmental destruction and man-made climate change. It is the debt-based nature of our money supply...

Making the Case 1: Why Debt is Bad »

Making the Case 1: Why Debt is Bad By Frank Taylor Repetition is so often a prime symptom of stagnation. As a relative newcomer to Monetary Reform I find myself reading an endless succession of books and articles, along with reports of meetings and seminars, all saying more or...

Stopping the Debt Driver »

Why Reforming the Way our Money is Created Holds the Key to Halting Unsustainable Growth By Alistair McConnachie The following is a transcript of the lecture, with the above title, given by Alistair McConnachie in the Cultivate Centre, Essex...

What Systemic Debt Means to You and Your Family »

Putting debt-free money into circulation is the single basic reform capable of transforming the prospects of every person in this country, including yourself and your family. People need money to produce goods and to trade everyday essentials....

Our Money Reform Brings Democracy and Freedom from Debt Slavery »

The following speech was delivered by Alistair McConnachie at the American Monetary Institute's 2005 Monetary Reform Conference, at the Essex Inn, 800 South Michigan Avenue, Chicago, on Thursday 29th September 2005, at 6pm. It was published in the...

Examining International Debt and Promoting Real Aid »

By Ron Morrison BALANCE OF TRADE DEBTS Inter-government balance of trade accounts result in debtor and creditor balances between nations, usually denominated in their respective national currencies. Where one currency is weak, debt might arise...

Our Economy Relies on Debt to Function »

By Gillian Swanson The decision of governments throughout the world -- following the British model -- not to monetise their country's wealth themselves, but to force private citizens into debt if they want to exchange goods and services with each...

Policy Proposal: Fund the Interest on the National Debt »

By James Gibb Stuart A famous American company, in its methods-training, adopts the slogan that "There has to be a better way", and believe me, once you have conditioned yourself to assume that this "better way" exists, it's amazing how often it...

Shedding Some Light on the Bank of England »

By Richard Greaves There is no great mystery today surrounding the Bank of England -- its annual report, which anyone can obtain, contains full sets of accounts and is quite clear and explicit about its composition and functions which,...

Money Reform: A Progressive Innovation »

By Alistair McConnachie Here is an original and innovative change in the monetary system which, if implemented, would provide significant additional financing for public investment in society, leading to social and economic benefit throughout...

Keynes Without Debt »

By Ron Morrison The challenge is to humanise the present style of capitalist system. We must recognise the social cost -- not only in the obvious sense of the have-nots becoming poorer, but also the ever higher price being paid by the haves, in...

A Briefing on Money Reform »

By Ron Morrison I'm often asked to condense Monetary Reform into an A4 sheet or a quick sound bite. Here's my effort… Society has taken fifty years to mutate from what it can achieve to what it can afford to achieve. This is the debt...

Addressing the Gold Question »

By Alistair McConnachie & James Gibb Stuart "The Gold Standard" means that there is a rigid relationship between a country's gold reserves and its money supply and that gold is the only means of international payment. So when people talk...

Global Trade Imbalanced and Destabilised by Dollar Domination »

By Ron Morrison Why is it that America seems to be able to afford anything its Government wants to do? The rest of us are never finished being told that we must become more efficient, tighten our belts, modernise and cut-back, because...

Great Scot! »

By David J Weston Recently, the Swedes sent a resounding 'No' regarding adopting the euro, and a correspondingly resounding 'Yes' to retaining their own currency, and controlling their own financial destiny. While the euro is largely a...

David J Weston – Money Reform Activist in Britain and Canada »

INTERVIEW David, please tell us a little about yourself. Born in Plymouth, Devon, and brought up and schooled in various parts of Britain, including Scotland, I emigrated to Canada many moons ago. I lived and worked in Ontario in accounting...

Publicly-Created Money: The Democratic Imperative »

By Alistair McConnachie Prosperity was established to help publicise and clarify the Money Reform proposal. Our big issue is publicly-created debt-free money. Few people are aware that almost all the money we use comes into existence, not...

How Keynes’ Bancor International Trade Currency Would Work »

by Alistair McConnachie New book, The Age of Consent, by Guardian columnist George Monbiot, gives credit to Money Reform author Michael Rowbotham for bringing Keynes' "Bancor" currency concept to his attention.  In his book, Goodbye America!...

A Summary of Seigniorage Reform »

James Robertson writes The following is from the Speaking Notes of James Robertson, co-author of Creating New Money, for his address at the Earth Emergency meeting, London School of Economics, 7 May 2003, entitled Monetary Reform, Economic...

Four Steps Which Destroyed Argentina »

The following is from Greg Palast's website www.gregpalast.com An expanded American edition of his global bestseller, The Best Democracy Money Can Buy: An Investigative Reporter Exposes the Truth About Globalization, Corporate Cons and High-Finance...

Creating New Money – Some Frequently Asked Questions »

James Robertson responds... In the introduction to Creating New Money, co-authored by Joseph Huber and James Robertson, (free download at www.jamesrobertson.com) the (then) Executive Director of the New Economics Foundation Ed Mayo, wrote, "We...

Making a Case for Money Reform »

by James Gibb Stuart THE PROBLEM That the economies of even the most developed countries, have failed to maximise upon the great advantages of modern technology for the benefit of their peoples. THE SYMPTOMS (a) decaying social...

Faith Unity Against Debt Slavery »

By James Gibb Stuart In the Coronation Oath there is a Latin phrase, Fidei Defensor, which has customarily been rendered in English as Defender of the Faith. Prince Charles has shown that the Latin is ambiguous when he chooses to translate it as...

Establish a State Bank »

by Ron Morrison The Nation's money comes from two primary sources, first the State which prints paper money and mints the coins (and also raises bonds) and second from the commercial banks which provide credit. Up until the early fifties the...

Power of Transformation »

by Susana Piohtee This article is intended to place the topic of monetary reform within a wider context, and to uncover some spiritual and psychological root causes of a cultural status quo that embraces - celebrates even - an economy fuelled by...

Money for the People, by the People »

by Alistair McConnachie Just as we need government for the people, and by the people, so we need money for the people, and by the people. Money Reformers advocate essentially two things - firstly, that we change from a debt-based to a...

A Short Primer on Money »

by Richard Greaves Money is simply the medium we use to exchange goods and services. Without it, buying and selling would be impossible except by direct exchange. Notes and coins are virtually worthless in their own right. They take on value as...

Creating a Local Currency: The Example of Salt Spring Island, Vancouver »

Salt Spring Island, off Vancouver, has a population of 10,000. On the 15 September 2001, Salt Spring Island Dollars were launched at the Island's largest annual gathering, the Farmers Institute's Fall Fair. They are the brainchild of the Sustainable...

How Banks Create Money Out of Nothing »

The following has been compiled by Alistair McConnachie, from mainstream economics textbook Success in Economics by Derek Lobley B.A. (London: John Murray Publishers Ltd, 1978 edition), which was part of the "Success Studybooks" series. It was...

Winning the War on Global Oppression »

by Kieron McFadden As we survey the world scene of worsening poverty and the growing enslavement of entire peoples to corporate power, several common denominators emerge from this heaving sea of human misery. The most marked of these is the...

Underground Economy: Financing the London Tube »

By David J Weston An alternate London currency could be issued which would help to raise money for London Transport. Along the lines of the Welsh Currency idea the currency would be sold at, say, a 10% discount, meaning that £1 will buy...

It’s the People’s Money »

By Alistair McConnachie Politicians need practical proposals which are understandable and do-able. Here is a proposal intended to bring the Money Reform issue into the political debate, draw policy-makers into the argument, and put Money Reform...

The Single Most Important Reform »

by Michael Rowbotham (excerpted from The Grip of Death, pp. 324-325) The interminable squabble between left and right on taxation and spending priorities does not represent the full range of choices. The real political option is embraced by the...

Working for the Yankee Dollar »

By James Gibb Stuart In the aftermath of 9-11, an American friend of mine said to me, "It seems we have become the 21st century's most hated nation, and we owe it to ourselves, as much as anyone else -- if not to forgive -- at least to...

Mike Rowbotham Speaks at the House of Lords »

Summarised by Canon Peter Challen Canon Peter Challen summarises Mike Rowbotham's presentation to the Forum for Stable Currencies at the House of Lords, 12 Dec. 2001. After describing his month's visit to Australia and New Zealand as guest of...

The Negative Consequences of the Debt-Based Money System »

by Richard Greaves 1) GOODS AND SERVICES ARE MUCH MORE EXPENSIVE The cost of borrowing by producers, manufacturers, transporters, and retailers all has to be added to the price of the final product. 2) CONSUMERS HAVE MUCH LESS MONEY TO...

A Motion to Restore the Power of the Issue of Money to the Crown »

By Captain Henry Kerby MP On the 22nd December, 1964, Captain Henry Kerby, MP, placed the following Motion before the House of Commons. It was an "Early Day Motion" and so it was never debated and, consequently, does not appear in Hansard. It...

An Indispensable Key to a Just World Economy »

by Michael Rowbotham Every bit as important as Keynes' ideas for financially balanced trade were his ideas for stabilising currency values. Stabilised currency values are essential to ensure equity and stability in global trade. If the Third...

Defending National Economic Sovereignty »

In 1998 James Gibb Stuart was asked to provide advice to the Malaysian government, which was then struggling against an IMF induced economic crisis. The following is taken from his Briefing Paper. Three days after receiving this material the...

How to Cancel Third World Debt »

From Goodbye America by Michael Rowbotham. Whenever Third World debt cancellation is discussed, it is automatically assumed that somebody, somewhere has to suffer a loss. Either banks must cover the losses, taxes must be raised or Western...

Looking Beyond the Money Myth »

By Alistair McConnachie The following speech was prepared by James Gibb Stuart and delivered by Alistair McConnachie to the International Union Conference, of Land Reformers and Henry Georgists, at Edinburgh University, Pollock Halls, Friday, 13...

Economic Democracy: Fair Shares for All »

By Peter Lambie The essential problem facing Money Reformers is one of communication: explaining the mechanism of the fractional reserve system of banking and convincing people that they are being robbed of the fruits of their labour by a simple...

The Case for Monetary Reform »

By Bill Clarke WHERE DOES REAL ECONOMIC POWER LIE? The development of the global market, particularly in the spheres of free trade, the instantaneous movement of capital and the trading of currencies, means that to a very great extent national...

The Squeeze on the Heart of Society »

By Barry Turner At its most simplistic, money is the "lubricant", the measure of values that facilitates the free exchange of goods and services and balances out the inflexibility of simple barter. Any suitable token may be used, from shirt...

Our Debt-Based Money System Will Break Us »

The Earl of Caithness speaks... This speech was delivered by the Earl of Caithness in the House of Lords, Wednesday, 5 March, 1997. It is reprinted in full from Hansard, Vol. 578, No. 68, columns 1869-1871. The Earl of Caithness: My Lords, I...

Sustainable Farming »

Ken Palmerton, James Gibb Stuart and Alistair McConnachie discuss. On 18 April 2001, Money Reformer Ken Palmerton visited the offices of Prosperity. We took the opportunity to discuss the present Foot and Mouth crisis and the possible Money...

The Big Issue »

By James Gibb Stuart William Hague won't mention it; neither will Charles Kennedy, nor Gordon Brown nor John Prescott nor any of the other top names who will canvass our votes in the General Election likely this year. Tony Blair alluded to it...

The Money Trick »

At some unknown, but fateful, point in medieval history, a moneylender realised that the essence of a viable money system is confidence and that, once this confidence was established, a magical and very remunerative trick could be...

Landing on Money Reform Island »

By Susana Piohtee About six months ago I came into contact with some of the people, and thinking, linked to Monetary Reform. It gave me a feeling akin to having finally 'landed' on a hospitable island after a long and rough sea voyage with no...

Post-Autistic Economics »

by Ronnie Morrison The professional economist is prominent among the 'experts' who influence our politicians. For example, both Thatcher and Reagan were heavily influenced by the free market monetarist model propounded by Milton Friedman. These...

The Prosperity Proposal »

By Alistair McConnachie The April 2000 issue of Prosperity explained that the financial system of all nations is "debt-based", meaning that the process of going into debt is relied upon almost exclusively to create and supply money to their...

The Wonderful Wizard of Oz – A Monetary Reform Parable »

The Wonderful Wizard of Oz – A Monetary Reform Parable Alistair McConnachie writes: The Wonderful Wizard of Oz by L. Frank Baum (Chicago, 1900) is a parable about Money Reform and the 1890s Midwestern political movement led by William Jennings Bryan (1860-1925); three times candidate for President of...

So, What Is Money? »

By James Gibb Stuart I once employed an indigent printer who, in his penurious state, had decided that there were only about £200 circulating in the city of Glasgow, and it was a case of grabbing a handful whenever it was being passed...

Fuel Tax and the National Debt »

By Richard Greaves Richard Greaves had a version of the following printed in The Brecon and Radnor Express on the 21 September 2000. The fuel crisis in which Wales was the most severely affected area in Britain is now coming to an...

Don’t Blame Ford, Blame the System »

By Philip Snow Prosperity subscriber Philip Snow is the Editor of Granada News, the official magazine of the Ford Granada Enthusiasts' Club. The following is a shortened version of his Autumn 2000 editorial. The Club can be contacted at 116...

Thomas Edison on Government Created Debt-Free Money »

In December 1921, the American industrialist Henry Ford and the inventor Thomas Edison visited the Muscle Shoals nitrate and water power projects near Florence, Alabama. They used the opportunity to articulate at length upon their alternative money...

Public & Private Debt – Shifting the Hole »

By Richard Greaves When it comes to debt, there's no disputing that we are in a rather big hole and it's getting bigger all the time. Private debt in the form of loans to individuals and businesses is rising at more than £60 billion per...

Welfare Reform: the Case for a Citizen’s Income »

by Duncan Burbidge A Citizen's Income scheme (sometimes called Basic Income or Universal Benefit) is intended to overcome the failings of the present welfare state. It would be simple in application, increase economic efficiency, help prevent...

Green ‘Win-Win’ Economics: Tourist Exchange Punts in Wales »

By David J Weston Money is a marvellous invention, enabling people to exchange their labour and energy with others. When used with wisdom, it can enhance a community; used foolishly, it can destroy a community. Currencies reflect exchanges...

How Private, Commercial, National and International Money is Created »

The following was abridged by Alistair McConnachie, from the works of Michael Rowbotham The financial system currently adopted by all nations is often described as "debt based", since the process of going into debt is relied upon almost...

Money Supply & the Private Banking System – Lord Beswick Speaks »

The following speech by the late Lord Beswick, is reprinted in full from HANSARD, 27 November 1985, Vol. 468, Columns 935-939 where it appears under the title "Money Supply and the Private Banking System". HANSARD begins: Lord Beswick rose to...

A Strategy for Victory »

by Kieron McFadden Let's briefly take a look at the battlefield and the enemy from a new perspective. The world banking fraternity, operating through our banking system, has a mandate from the government to create the nations money supply and...

Bankrolling the World into Chaos »

by Michael Rowbotham It is time to ask searching questions about the near total reliance of modern economies upon banking. Getting the right answers can sometimes be difficult. But not asking the right questions in the first place can be a...