Sample Letter

The following letter was published in the East Anglian Daily Times on 31st December 2004

Dear Sir,

I am writing to urge readers to contact their MP and ask them to sign EDM 327 - Use of Public Credit for Public Work.

Currently banks, including the Bank of England lend out money that they do not have.

Banks lend out far more money than they have in their reserves. When they do this they are creating money out of thin air.

When a bank makes a loan to an individual, a company or our government, the money does not come from the reserves. It is electronically created the moment the recipient of the loan has the ‘money’ in their bank account.

Before the loan was made, the money did not exist.

The money literally comes into being as a debt. It only exists because the borrower, including our Government now owes the bank money.

If you go to the bank and ask them to lend you some money to buy a house, you’d expect that previously, someone, who was very rich must have deposited a lot of money in the bank.

This is not so.

When you borrow for example £130,000 to buy a house, you don’t walk into the bank, and pick up 13,000 £10 notes.

You are party to some kind of transfer of numbers, a cheque, or digital transfer. The only money in this country that is not issued as a debt by the banks is the notes and coins in our pockets.

These notes and coins are issued debt free by the government. They are spent into society. The other 97% is created by the banks lending out money.
This means that our economy today is "debt-based", virtually all money is supplied into the economy as a debt owed to the private banking system. We are reliant upon this banking system for the supply of almost all our means of exchange.

When the government borrows money it is added to our National Debt, which is currently £450 Billion. Most of our taxes go on servicing the repayments on this debt. This situation is totally unacceptable.

EDM 327 urges the government to spend money into society instead of borrowing money. Thus we do not have to add to the national debt and will have more money for schools, pensions, hospitals etc.

Please urge your MP to sign this vital EDM.

Prosperity

268 Bath Street
Glasgow, Scotland
UK, G2 4JR
Telephone : 0141 332 2214
Fax : 0141 353 6900
email: admcc@admcc.freeserve.co.uk