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Who PRODUCES the WORLD'S CURRENCY?


Governments do not create money.

The Bank of England and all "National" Banks are owned by vested interests like the huge multinational corporations and owners. They are not run or owned by the National Governments.

Governments all borrow their money from the banks!! And pay vast interests on it. Usury, the charging of unrealistic interest rates, was once banned and for very good reasons too.

Wise people realised that once money can be made from money, then the real value of any currency would be lost and authentic, genuine trade and economy would become a farce and a chaos - just like it is today!

These National and International Government interest payments are our National and International Debt.

Why do they not print their own money. Create it on computers like the banks do you might ask?

Well only two presidents started to do just that in the USA with Greenbacks. Abraham Lincoln and J.F. Kennedy. Just before they got shot!

 

It's time for the government to take back control of the creation of new money, James Robertson said in the first Alternative Mansion House Speech in London. Under the present system the government and the Bank of England is responsible for issuing only 5% of new money - coins and banknotes. The remaining 95%, non-cash money, is created and put into circulation by commercial banks as interest-bearing loans which make profits of about £12 billion a year for the banks. The annual loss of public revenue from allowing the banks to create this money is calculated at about £45bn. The situation in other countries is similar and it's time for change, said Mr. Robertson.

The former Cabinet Office high-flyer and co-founder of the New Economics Foundation said that central banks should create the amount of new money that they decide is needed and this should be credited to their governments as public revenue. Governments should then put it into circulation as public spending. This reform will restore the perogative of the state to issue money and to capture, as public revenue, the income that arises from issuing it. Apart from beneficial social and environmental effects, it will be very beneficial for the economy as a whole. It will tend to bring about lower interest rates and lower inflation; and it will tend to create greater economic stability.

"Growing numbers of people share a vision of a more people-centred and earth-centred society: less business-centred, state-centred and employer-centred than the society we have today," said Mr. Robertson. "As citizens of such a society, we will be morc equal in esteem, capability and material conditions of life than we are now."

"We will find it easier to get paid work. But we will no longer be so dependent on employers to organise it and provide our incomes. The industrial-age class division between employers and employees will continue to fade - as the old master/slave and lord/serf relationships of ancient and medieval societies have faded. It will become normal to work for ourselves and one another. Public policies will enable us to manage our own working lives. And in exchange for our right to share in the value of the commons, we will expect to take greater responsibility for ourselves and for the wellbeing of our families, neighbourhood. and society."

In future, "We shall no longer tax people and businesses as heavily as now on what they earn - by useful work and enterprise, by the value they add, and by what they contribute to the common good. Instead, we shall require them to pay for the value they subtract by their use or monopolisation of common resources."

"This vision of the future calls for a reconstruction of public finance and the monetary system. To some it may seem utopian but many of the ideas developed by the New Economics Foundation and sister organisations around the world seemed obscure or unlikely when we first set them out. We look forward to monetary reform moving to the centre stage of public and policy debate in the way that ecotaxes, stakeholding and debt cancellation have done." The principle underlying the proposed reform could be applied at the global as well as the national level, said Mr. Robertson who believes it would be possible to create a true global currency. Revenue from global taxes and the issuing of a global currency could provide a stable source of finance for UN expenditures including international peace- keeping programmes. But not oniy that. Some of the revenue might be distributed to all nations according to their populations, reflecting the right of every person in the world to a "global citizen's income" based on an equal share of the value of global resources.

This would encourage sustainable development worldwide, generate a much needed source of revenue for the UN and recognise the shared status of all human beings as citizens of the world.

Financial people are understandably outraged by the violent aspects of recent demonstrations in places like Seattle, Washington and the City of London. But these demonstrations are a symptom of a growing worldwide perception that today's economic and financial institutions are economically unjust, socially exploitative, and ecologically destructive. People in the banking and financial sector may not share this perception. But they do need to accept that it exists. And they need to take seriously that many people see them as responsible for much of what is wrong."

 



The full Alternative Mansion House speech, highly recommended, is available on;

www.neweconomics/org

 


Source Material.

Creating New Money by James Robertson and Joseph Huber.

From: New Economics Foundation, Cinnamon House, 6- 8 Cole Street, London SE] 4VH.

Email: infoneweconomics.org

Tel: 0207 407 7447 Fax: 02074076473