[GJM] George Galloway, and Poverty

[John Hermann]

In my experience most politicians do not understand that the entire
economy today is debt-driven, nor that the money supply is created
as debt. Under such circumstances it is impossible to pay off net
debt, because to do so would be to destroy the money supply. An
obvious alternative is to have all of the money supply created by the
central bank, rather than by the commercial banks (who, at present,
manufacture credit-money when they advance loans and overdrafts).
The operation of a 100 percent reserve monetary system has been
shown in detailed studies to be a viable and workable alternative to the
current fractional reserve system. Not the least of the many virtues of
a 100% system would be much greater robustness of the financial
system itself.

-- John Hermann


Dear All,

           The politician George Galloway was on the radio as usual on Talk
Sport (which can also be heard on the internet ofcourse). He was in essence
discussing poverty last Saturday, or Sunday night.

One of his callers brought up the book by Michael Rowbotham entitled The Grip
of Death which dealt with  monetary reform. He talked about debt at length, and
how it played a vital component in poverty. He also made the point notably that
unlike governments. banks were unelected "to power" so to speak, and hence,
unaccountable to a large extent.

A message from an emailer was read out, and was expressing similiar notions.
However, it was clear from comments made by George Galloway that he largely
saw banks and debt as only being part of the problem of poverty,  and other
similar issues..

R.Searle.  
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