Second, you suggest that banks should be forced to conform to the underlying purpose of the 1844 Bank Reform Act.
You might be aware that I have said publicly that I think ideas in this spirit – such as those advocated by John Kay – certainly merit serious consideration in the debate as to how we reform our financial system.
I remain sympathetic to these views.
But as I said in my previous letter, I do not want to prejudice the outcome of the Banking commission’s deliberations. Now the Commission has been set up, I think we all should wait to see its conclusions.”
The 1844 Bank Charter Act (‘Reform’ is a typo) was a piece of legislation that prohibited commercial banks from printing paper notes (£1, £5, £10 and so on). Before this law was passed, banks were permitted to print as many paper notes as they wanted, up to the point where they printed too many and went bankrupt (as everyone cashed in their paper notes at once).
Positive Money STUDENT CONFERENCE - 13th & 14th November
'Banking Shapes the World: How Money & Banking is at the Root of Debt, Crisis & Poverty'
(If you know a current student please let them know about this).
1. How the system of money and banking that we use is at the root of debt, crisis and poverty
2. Why fundamental reform, not better regulation, is the only solution
3. What we can do to make it happen
In a two-day student conference in central London, we'll be looking at a alternative view of the financial crisis: that the root of the problem is the fundamental design of the banking system, in which profit-seeking companies (banks) have assumed the responsibility for creating huge quantities of money (and debt) and lending it into the economy.
The conference will also look at the consequences of living in a ‘debt-based’ money system whereby ever-increasing economic growth is vital. Poverty, debt, environmental destruction, cuts in healthcare and education, and the exponential rate at which we consume our natural resources may all be consequences of the money and banking system we live within, and therefore, to tackle the wider issues affecting our world we need to tackle the issue of banking first.
* Steve Baker MP - an advocate of fundamental reforms to the banking system
* Simon Dixon of Benedix - a former City market maker giving an insider's insight into why few people in the City can see the root of the problem
* Tony Greenham - Director of Business and Finance at the New Economics Foundation
* Tim Evans - chief executive of the Cobden Centre
* Jen Morgan - of the World Wildlife Fund and The Finance Lab
* James Tyler - owner of City trading firm Tyler Capital
* Josh Ryan-Collins - a specialist on monetary reform at the New Economics Foundation
* Toby Baxendale - an entrepreneur and owner of one of the largest seafood suppliers in the UK
* Ben Dyson - a specialist in money and banking who has worked on draft legislation for banking reform in both the US and UK
Delegates can expect:
* A comprehensive discussion of the real reasons behind the financial crisis, how a bank works, and the way money works and is created.
* Presentations focused on the societal and environmental consequences of allowing our money and banking system to operate in this manner.
* An opportunity to take part in discussion groups, share ideas, and network with your peers interested in the direction our society takes.
* To find out about the possibilities that could become reality if we adopt a new system of money and banking.
* Opportunities to become involved in learning about and participating in a wider movement to fix banking
Saturday evening involves a private afterparty near to the conference venue, and there will be plenty of time for questions and discussion between speakers and delegates throughout the two days. This is a conference that will change your understanding of the world and offer potential solutions to the wider social and economic problems that we face today.
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