1957. Robert Boothby was one of the small group of members of Parliament which included P.C.Loftus, to whom this book is dedicated, who saw the damage that the policy of inflation would bring that was being forced upon the nation in the early 1930's. As he said: "It was a terrible thing to have to watch this country savaging herself, year after year, in the grip of an economic theory and system which had ceased to have any validity". As to those who tried to alert the public - for their efforts they were dismissed as monetary cranks."--------------------------------------------------------------------------------------------------------------
The Crash of 2008 (ISBN 978-81-8274-394-6 )
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1957. Robert Boothby was one of the small group of members of Parliament which included P.C.Loftus, to whom this book is dedicated, who saw the damage that the policy of inflation would bring that was being forced upon the nation in the early 1930's. As he said: "It was a terrible thing to have to watch this country savaging herself, year after year, in the grip of an economic theory and system which had ceased to have any validity". As to those who tried to alert the public - for their efforts they were dismissed as monetary cranks."At a Gala dinner in Leeds, On October the 21st 2008, Mervyn King, the acting Governor of the Bank of England, announced to a sombre audience that the bank finds itself in the same position it faced at the onset of the Great War in the summer of 1914, however, he made no mention of how the then Secretary to the Treasury - John Bradbury – solved that identical problem back then by intervening with an issue of 500 million Treasury Notes which were given to the banks free of charge to stop them collapsing after they ran out of enough gold coins to redeem the millions of baseless “Promises to Pay” that they had issued to a unsuspecting public. He could have recommended similar measures on this occasion but chose, instead, to remain silent. Three days later, Mr. Bean, the appropriately named Deputy Governor of the Bank of England, announced that the crisis was the worst in the entire history of mankind
1988 The reason why these 'cures' continue to fail were pointed out in the summer of 1988 by Economics Professor John. H. Hotson Chairman of C.O.M.E.R. Committee On Economic & Monetary Reform, at Waterloo University, Ontario, Canada. Who said in the organization's news letter:-"Here we go again! John Crow, the new head of the Bank of Canada and Allan Greenspan, the new man at the Federal Reserve Board have given a lot of speeches and interviews lately saying that if there is one thing they can't stand it's inflation. So they are going to get inflation down to zero any day now, even if it kills somebody [or every body]! Yes, they are going to haul inflation down to zero with high interest rates. Now that's never worked before. The fact is, that we've had inflation in every year, but one, since the Bank of Canada was invented in 1934. The facts also suggest that if our political leaders allow Greenspan and Crow to play doctor with the economy that the result will be a replay of 1979-83 if we are lucky or a re-run of 1929-39 if we are not. When you get right down to it, there are at least eight things wrong with the policy of trying to stop the price level from increasing by increasing the rate of interest. (1) The Policy is immoral. (2) The policy is illegal. (3) The Policy is irrational. (4) The Policy has surrendered North America's leadership to the Japanese. (5) The Policy has made all our problems worse. (6) The - Policy has caused the large U.S., Canadian [and British] foreign trade deficits. (7) The Policy has increased the [fractional reserve] banking systems natural propensity to self destruct. And (8) The Policy has resulted in a world wide debt crisis where our only choices appear to be between, world wide debt repudiation, depression, and accelerating inflation. Except for these shortcomings, high interest rates are a pretty good policy."
*1993 ANTHONY NELSON – H.M. TREASURY: The Government can and does finance itself to a small extent by the issue of non-interest bearing money: this is the aggregate known as M0, the stock of which is currently some £19.5 billion. The size of the stock of M0 is limited (only) by the demand for this form of money.
BRIAN GOULD: On February the 19th 1993; New Statesman & Society, published the following statement by Brian Gould, speaking as the Labour Member of Parliament for Dagenham, in which he said: - "Why not commit a Labour government to two simple targets - full employment and a decent home for all? And if the private banking sector persist in its failure to develop a system of industrial banking, why not use the power of the state to make good that deficiency by setting up a major publicly owned investment bank? And while we are about it, why shouldn't a socially aware and economically responsible government create credit where appropriate in order to ensure that essential investment is made and at the same time strike a great blow for the democratic control of the economy?
LORD ACTON: “Power tends to corrupt, and absolute power corrupt absolutely…the issue which has swept down the centuries and must be fought sooner or later – is the people versus the banks.”
*THIS HISTORY PROVES THAT - LIKE ALL THE OTHER RECESSIONS SINCE 1694 – THIS ONE COULD BE ENDED IN 24 HOURS AND THE OTHER ROAD TO SERFDOM AVERTED USING THE “QUANTITATIVE” EXPANSION OF THE M0 AGGREGATE FROM 2% TO 100% - THEY ARE LYING WHEN THEY SAY THEY NEED TO CUT PUBLIC SERVICES & RAISE TAXES
