Time for Monopoly Money

The last few weeks have been a living nightmare! I am becoming over whelmed by a growing sense of despair. The banks are going to get away with it!

The Hayek Lecture at the LSE, where Professor Huerta de Soto shamelessly promoted his books, Socialism, Economic Calculation and Entrepreneurship and Money, Bank Credit, and Economic Cyclesbut told us little we didn’t already know.(Although he did have the good grace to acknowledge to the audience that there was nothing stopping us as a nation from paying off our debts simply by handing back the money we owe, once we had pulled our fingers out and printed it.) Lecture transcript.

Then last week the Channel 4 documentary “Britain’s Trillion Pound Horror Story” about the monstrous size of the national debt, in which I counted four previous Chancellors, none of whom said anything about who has the power to create money in this country. Indeed Geoffrey Howe’s only worthwhile contribution was to claim to have read Adam Fergusson’s book When Money Dies: The Nightmare of the Weimar Hyper-Inflation.  An hour and a half of prime time television which wasted 45 minutes looking at the philanthropic building works of 19^th century industrialists in the north east of England. The presenter asked us to marvel at what had been achieved when the cost of the public sector only accounted for around 15% of the national economy. One wonders if the “1947 Town and Country Planning Act” might have been a better choice of subject for this program.

Money as Debt

Paul Grignon's 47-minute animated presentation of "Money as Debt" tells in very simple and effective graphic terms what money is and how it is being created. It is in 5 YouTube Sections.

Financial Crisis and Economic Recession Lecture

London School of Economics Lecture on Fractional Reserve Banking

Date: Thursday 28 October 2010
Time: 6.30-8pm
Venue: Sheikh Zayed Theatre, New Academic Building
Speaker: Professor Jesús Huerta de Soto


A growing number of people are realising that our current money system, which gives commercial banks a monopoly on the supply of money to the economy and throws much of the population into unnecessary debt, is defective and urgently needs reforming. This was the main plank of my General Election Campaign here in Newbury.

On Thursday 28th October the following lecture is being held at the typically mainstream London School of Economics, and is worth attending if you're in the area. It's free.

Who makes the money?

The video below explains in under five minutes exactly where money comes from, who creates it, and why that’s a problem.