The minimum changes needed are: 1. A Clean Slate to cancel debts?starting with real and not judicial people. It is debt that needs to be cut not public sector jobs?needed now more than ever?

1. A Clean Slate to cancel debts?starting with real and not judicial people. It is debt that needs to be cut not public sector jobs?needed now more than ever?and the benefits of the poor?a very efficient form of Keynesian effective demand.

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2. Reactivation of the 1571 Law against Usury?and don?t assume you know what usury is because hardly anybody does. This provided for citizen arrests of usurers by their victims and triple fines for those found guilty. The Doctrine of Usury would also eliminate more than three quarters of financial transactions and close down many exchanges?see the writings of Rev. Henry Swabey and Professor R.H.Tawney at http://historyofusury.blog.co.uk

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3. Lincoln?s Greenbacks?ie public issue of money?see The Lost Science of Money by Stephen Zarlenga for an accurate description of this successful experiment in public money. This would be phased in to replace the bank debt money destroyed as prudent companies and individuals pay off their debts and government increases capital adequacy ratios first by doubling to Chinese levels (0.15) and then by annual increments to much higher levels?perhaps 0.80 instead of the present 0.08. This can be done with or without the Bank of England Company approval. The Sovereign has the power and should use it.

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4. Appointment of a Bank Commission?directly analogous to the Charity Commission?to issue licenses to all banks practising fractional banking and credit creation in excess of its deposits and shareholder capital against criteria which (as with private schools requesting charitable status) require the Bank Commissioner to audit the accounts and ensure that the bank operates in the public good. This is the way to deal with the two great scandals of present banking practice: excessive remuneration for doing the job of accountants; and the chronic mal-distribution of credit on the basis of invisible private criteria instead of visible public criteria.

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This programme could be phased in over the course of a 5-year parliament. The unions should insist that this programme is in the Labour Party?s next manifesto.
And this was once Tory policy too?read Iain Macleod?s 1961 biography of Neville Chamberlain on the Birmingham Municipal Bank set up in 1916 and the Conservative Party?s solution in 1923 until forced to withdraw the proposals by the bankers, the City of London and their usual threats.

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1
The Frontispiece was one of three posters
produced by the British Government?s Ministry of
Information on the eve of war in 1939.
The other two were ?Freedom is in Peril? and ?Your
Courage, Your Cheerfulness, Your Resolution
Will Bring Us Victory?.
Two and a half million copies of the Keep Calm
and Carry On sheets were printed to be
distributed in the event of a German invasion.
1 Such threats were not peculiar to Great Britain as is clear from Arthur Schlesinger?s Age of Jackson.

recycling advice? (tip) ? to access the PDF file direct, click on the arrow in the top right hand corner. This will open up a new file. At the top left of the page click on ?file? then choose ?download original? then save or print!? Malc.

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