Virgin vs Google

I have not been here for a while because apparently my email address is no longer compatible with my Google account.  WTF? No explanation just 'change it'.  So, I try to log onto an old email account at mail.com and they have manged to fuck it up.  Oh joy!  Then I try my Yahoo ID and they've fucked that up as well.  But to be fair they did [after a few days and emails] manage to recover it for me.  But what a rigmarole!  So now I use a Yahoo email to log onto my Google account.  More bloody passwords to remember!

Since I last scribbled here, a few things have happened!

Gaza
Chief Rabbi Ephraim Mirvis said this.  Chief Rabbi: Israel would not survive without weapons [Link opens in new window]

Annie K. Lamont @Radio4
Dundee history - 'Postal War Memorial Shrine' - listen to the 1921 letter written by Annie K Lamont.  A letter from a telegraph clerk to the 21st Century.  Astonishing letter from WW1 [Link opens in new window]

Wow!  How do they do that @Radio4
Searched Google.  Had to use another search engine to find it.  Useless!
http://www.bbc.co.uk/programmes/b0383jgn [Link opens in new window] 

Vicky Pryce
So we have a convicted liar advising the Government on the Economy.  From the little I have read ...she is another economist who hasn't a clue what is going on!  Economists should all be forced to read "The Grip of Death" by Michael Rowbotham [1999]
http://en.wikipedia.org/wiki/Vicky_Pryce [Link opens in new window] 

Funding for Lending
This stupid policy was stopped as it was Funding for Bonuses, if any bank took part at all.
http://www.bbc.co.uk/news/business-18460302  [Link opens in new window]

Household Debt
This reached a record £1.4 trillion earlier this year.  Do the Government still not get it? Too much debt caused the crash in the first place!
http://www.bbc.co.uk/news/business-26286278 [Link opens in new window]
 



 

Just some thoughts

Mark Carney, Governor of the Bank of England said on house prices recently, "...if they are turning into something unsustainable..." he would act to curb mortgage lending.  The Bank of England Financial Policy Committee said they are noticing "...higher loan to income mortgage ratios...".  They may have to act to curb mortgage lending. Did they not notice what happened leading up to the Credit Crunch which precipitated the Great Recession?

The Office for National Statistics has said that house price inflation [March figures] is now 8% and 16% in London.  There has also been an unexpected rise in inflation to 1.8%. This, as no action has been taken by the Bank of England, is considered sustainable?  Are they complete morons?  Still I did warn about the Trojan Horse that is Carney before his appointment!

I could wrong but I think I heard that the figures are now 9% and 18% in London.  It's a housing bubble, I mean come on!

"Demand for housing is all about the price of credit."  Merryn Somerset-Webb, FT, Moneyweek.  Forget supply and demand for houses being the supply of houses.  It is not!

Mark Twain on land "Folks will always want it and they ain't making it anymore!"

"Who owns Britain" by Kevin Cahill 

Simon Evans goes to Market - Episode 1 Land
http://www.bbc.co.uk/programmes/b0435p0k 

"The Price of Inequality" by Joseph Stiglitz - I should probably read this book!

As the Bank of England have now confirmed that Positive Money's research on money and banking is correct.  Go visit the following to arm your self with some actually facts!  http://positivemoney.org
 

Casting Call Pro

Apparently after four years of nothing this HTML code might lead to something.  I have a small digital studio and I write music.  www.myspace.com/krysvsmusic

Scottish Independence

United we stand ...

Divided we fall ...

 

Keep the Kingdom United ..for James 6th!

The real deficit is in thinking

Solving the UK's economic problems should be like solving most crimes.  You follow the money!

If you are interested in learning more about a solution [which has worked before] then please visit this website:  www.positivemoney.org  [Link opens in new window]

Full reserve banking please

Please sign this petition which is for the G8 meeting 17-18 June 2013
End the debt based money system [petition]
[Link opens in new window]

Do you believe that the high street banks have the right to create money?

I had a meeting with Martin Horwood MP in November 2012 to ask the question, 
"Do you believe that the high street banks have the right to create money"?  Neither he nor his team were able to answer this question, except to explain the legal basis for notes and coins i.e. for 3% of the money supply.  I then recieved the following letter from Rt Hon Greg Clark MP.

 

This is my response to this letter:

Thank you for the copy of the letter dated 30 January 2013 from Rt Hon Gregg Clark MP to you, in response to my question:

“Do you believe that the high street banks have the right to create money?”

I broadly understand the economic theory of Fractional Reserve Banking. But I have also have seen its real and catastrophic failure, as demonstrated at Northern Rock and indeed throughout the banking sector from 2007/2008 to the present day.

Further, I note the quote from the Independent Banking Commission’s interim report.  This remains just an opinion, as the Commission have been unable to provide their economic modelling to substantiate this statement, as requested by Positive Money.  

The “benefit” of Fractional Reserve Banking, is where I fundamentally disagree with Mr Clark.  A basic understanding of the reasons behind the Bank Charter Act of 1844, will lead to an entirely different conclusion.  In addition, it is a generally accepted view that the unrestrained lending capacity of the banks was what caused the current and continuing crisis, in the first place.

Sir Mervyn King, Governor of the Bank of England said on 19^th October 2010:

“The Bank of England’s key role has always been to ensure that the economy is supplied with the right quantity of money – neither too little nor too much.  For fifty years my predecessors struggled to prevent there being too much, so leading to inflation.  I find myself in the opposite situation having to explain that there is too little money in the economy.”

The Austerity policies of the Government are inevitably reducing the amount of money in the Economy, the exact opposite of what is, according to the Governor of the Bank of England, required right now.

The statement in the fifth paragraph, “the current system does not permit the uncontrolled expansion of the money supply”, is demonstrably untrue.  I attach a graph which shows the money supply [M4] from 1963 to 2011 [Source: Positive Money/Bank of England].  Ben Dyson, Director of Positive Money, said in his opening statement of the 2013 Conference:

“This [see attached graph] does not look like a money supply that has been controlled … this is something that is out of control”.

In fact, an almost identical letter to the one from the Rt Hon Gregg Clark is in Ben Dyson’s opening statement to Positive Money’s Conference 2013.  Ben Dyson explains the problems with this “copy and paste” response from The Treasury.

I would strongly recommend that you start talking to Positive Money, the New Economics Foundation and the few MPs who understand their research, like:

Michael Meacher MP

Steve Baker MP

This YouTube video is a good introduction to Positive Money’s research: http://www.youtube.com/watch?v=Rd9Pf3Bqp20 . 

[Link opens in new window]

The current banking system was not designed and so, like in the 1840s, this is a great opportunity to analyse and understand what has gone wrong, rather than attempting to fix something that is fundamentally flawed.  Banking reform remains necessary because the system is still at its very heart, broken.  In addition, austerity policies are a choice which is entirely unnecessary, it’s not like there is nothing to do.

Unfortunately, the Government seems intent on trying to get the banks back to ‘business as usual’, rather than to act on the fundamental problem that caused the crash in the first place.  The banks changed from making money for their customers, to making money from their customers.

Lastly, I am again disappointed that my question was not actually answered.  Is it really acceptable to have no legal basis for 97% of our money supply?

Yours Sincerely

I confidently predict that the "deficit in thinking" will remain firmly in place and the destruction of this great nation of ours, at the hands of the Government, will continue apace.