Nations of the world unite! You have nothing to lose but your overdrafts!

First they issued promissory notes, and I did nothing…*

Then they leveraged many times their assets, and I did nothing…*

Then they made the US$ the world reserve currency, and I did nothing…*

Then they abolished the gold standard, and I did nothing.*

Then they repealed Glass-Steagall, and I did nothing.*

Then they liberalised financial markets paving the way for massive financial speculation and the creation of many and dubious loan packages – actually I was sceptical of the massive credit boom – but still I did nothing.

Then they created debt so huge it was many times the total amount of real-asset backed money in the world, $560TRN.  But by this time I’d joined a political party (for other good reasons) warning of many runaway factors including high finance, I’d cut up my credit card, and moved to an ethical bank.  I’ve stood for Parliament, aghast at the craven supplication of existing politicians to the sacred cows of City banking, who exploded the world, got millions in bonuses, trillions in bailouts, and those elected who refuse to re-regulate finance especially to separate commercial banking from casino banking, and likely to let those who fixed the LIBOR international trading rate get off free!

Now the predictions continue: it will all happen again, 2008, bankruptcies, foreclosures, jobs and homes lost, until the banks own everything there is to own.

Now the vast majority of money is (uncollateralised) debt. That means it has no value of its own! It’s only valuable to the banks, as and when we, as individuals or nation-states, pat it back!

Nations of the world unite! Nationalise all your banks. Put people first. You have nothing to lose but your overdrafts!

[*…Hey it was hundreds of years ago and I probably wouldn’t have had any gold anyway. How was I to know it was important, no-one teaches this stuff at school! So the US gets a free ride for decades while slashing freedom globally. I still wasn’t born.]

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2 thoughts on “Nations of the world unite! You have nothing to lose but your overdrafts!

  1. Nice article. I always enjoy your pithy take on things. In case you’ve not come across them I just wanted to point you towards the Positive Money campaign. They’re proposing to stop private banks creating the money supply as debt, so nationalising the money supply rather than nationalising the banks. This seems a more achievable goal, though still daunting. A lot of essential info on their site IMO. http://www.positivemoney.org.uk/blog/

    • Many thanks James. I know the Positive Money website / facebook.
      It’s vital to move the power the banks have been given, and taken, back to governmental control.
      It’s not Green Party policy to nationalise the banks per se but it’s an option the banks are surely bringing on themselves. I’m sure they’d regard it as a ‘nuclear’ option but since they’ve blown up the global economy many times over they don’t really have a leg to stand on!
      Greens want to see major growth in the informal economy in many different ways and less of an emphasis on growth in the national economy – much is questionable financial activity as we’ve seen, also much trade is duplicated and less necessary, and the stress on eternal growth means finding more ways to exploit people, resources, countries and planet. We want a return to ever more sound money, lending controls, fixed rates for mortgages over their entire term, a People’s Bank which safeguards savings and lends to reflect national priorities, and lots more. Changes like these can’t wait.

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