A lady in Wycombe recently asked me the following questions:
Why is my house valued higher than its worth? Why do crashes keep happening every 8 years? Who owns the money supply and how does it relate to gold? Why haven’t I had cost of living pay rise for 7 years yet the CEO has just bought a pacific island? Why do quarterly targets keep going up at work and what is the end game of this model? Why has there been a transfer of public tax to private banks landing me and every one else with debt per head and yet they are laughing in our face? What is the likelihood of my pension actually being there when I retire? How did my father afford a house and support his family on one salary, yet I work twice as hard, I earn more than him yet can’t afford a holiday ? etc etc
She was kindly thanking me for leading a debate on Money Creation and Society on 20 November. Like her, I believe the answer to many of these questions — and the general sense that the economy is not working as it should — is to be found in the way the monetary system functions.
Working with campaign group Positive Money, I was glad to open up the subject in Parliament. Here is my opening speech:
The full debate may be found here: video, text. The subject matter is heavily contested but, as my correspondent put it, it goes to “the nub of everything that affects constituents at every level every day”.
Finally, I do not agree with Positive Money about everything but I would like to thank them for generating enough support to make the debate possible.