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Michael Meacher RIP, a great loss of a stalwart of the Labour Party and one of the few,who understood the damage caused to the Social and Industrial sectors of the UK, by the present system of majority creation of credit by the private banking system.
The monetary system is the main cause of our high unemployment rate,with all its attendant social issues and i believe that the so-called Schools Of Economics have colluded in obfuscating the issue of money creation by the private banks, against the interests of the citizens.
The Monetary Act of 1844 is long overdue for an update to prevent private creation of credit.
But I understand the pressures on politicians by the Finance Establishment to effect change. The ability to create money from thin air is a privilege that the Bankers will not give up easily.
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