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To: chancellor of the exchequer

End Fractional Reserve Banking

End Fractional Reserve Banking

We want to see the end of the Fractional Reserve Banking (FRB) system. the Fractional Reserve system allows banks and other financial institutions to create currency from thin air; it is corrupt and unethical and has been the major contributing factor in all economic collapses.

Why is this important?

It's important because whether you realise it or not; the FRB system affects everyone on the planet. It allows banks and financial institutes to generate massive profits out of thin air. this system has allowed the banks to maintain their stranglehold on every single nation state on the planet - which is why when these private profit making entities fail; the Taxpayers have to pay for their rescue; and then we have to pay for their recovery. FRB inevitably results in Quantitative Easing measures; which further decreases the value of currency - so not only do we have to pay to avoid their failing; we have to pay for their recovery and then we have to pay even more through the inevitable devaluation of currency. this is not right, it's not fair and it needs to end. Now.

How it will be delivered

We will deliver these in person to the Chancellor.

Category


Reasons for signing

  • Sovereign money with debt-free money creation (in quantity controlled by an accountable committee independent from politicians) for full reserve banking, is the only system, that would make the economy good for everybody with enough money flowing in the economy for financing what needs to be (& not 2 much), as the system needed to replace FRB.

Updates

2014-10-07 10:34:10 +0100

10 signatures reached

2014-09-24 17:11:45 +0100

another interesting quote ""In the modern economy, most money takes the form of bank
deposits. But how those bank deposits are created is often
misunderstood: the principal way is through commercial
banks making loans. Whenever a bank makes a loan, it
simultaneously creates a matching deposit in the
borrower’s bank account, thereby creating new money."

2014-09-24 17:11:28 +0100

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf

Some interesting quotes from the article which shows that when you take a loan / mortgage - the bank doe snot suffer loss as they 'create' the money at the time the loan agreement is signed:

"When a bank makes a loan, for example
to someone taking out a mortgage to buy a house, it does not
typically do so by giving them thousands of pounds worth of
banknotes. Instead, it credits their bank account with a bank
deposit of the size of the mortgage. At that moment, new
money is created. For this reason, some economists have
referred to bank deposits as ‘fountain pen money’, created at
the stroke of bankers’ pens when they approve loans.(1)"