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Speech on Money Creation and Society


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 […]

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Understanding the Money Creation and Society Debate


Together with colleagues spanning four parties – Michael Meacher (Lab), Caroline Lucas (Green), Douglas Carswell (UKIP) and David Davis (Con) – I have secured a debate on Money Creation and Society for Thursday 20 November. Here’s a quick guide to understanding the debate. First, we have a system of paper or “fiat” money: it exists due to legal mandate as opposed to being a physical commodity like gold. Reserves, notes and coins are created by the state but claims on money […]

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Book review: The Golden Revolution – How to prepare for the coming global gold standard, Butler


Conservative economic policy is easily recognised when stated as balanced budgets, low taxes and sound money. Today, these are a distant prospect. For all the work the Government have done, this year’s net financing requirement is £144.9 billion, larger than the health budget (£140bn) or education (£98bn). As my weekend brief explains, “The Government have delivered a typical tax cut of £705 for over 25 million people and taken over 3 million people out of [income] tax altogether”, however, please contact […]

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The economic consequences of Scottish separation


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I received today a copy of Ewen Stewart‘s paper for the Scottish Research Society, Much Cost, Little Benefit – The economic consequences of Scottish separation. This excellent paper covers currency, debt and borrowing, public spending and taxation, oil revenues, the Scottish banks, trade, population, energy, defence and more. The conclusion is robust: Scotland will either choose continuing union or separation this September. If Scotland chooses separation, it will not be in any true sense independent. It could not exercise policy in […]

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Keynes, Carney and the corruption of capitalism


We’ve come a long way since the Bank of England’s Andy Haldane pointed out that they had “intentionally blown the biggest government bond bubble in history” and that it constituted the biggest risk to financial stability. Yesterday, in his Sky News interview, the Bank’s Governor Mark Carney said that the housing market was the biggest risk to financial stability. Selected headlines from the recent press continue the story: U.K. House Prices Rise to Record High in April – “U.K. house prices hit […]

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