Quote of the day 14th December 2015
Nick Herbert on his visit to flood hit areas of Cumbria
Please note that the post below was published more than ten year ago on 21st November 2009 Nick Herbert MP, shadow cabinet member for the Environment, Food, and Rural Affairs, was in Cumbria this morning to see the areas affected by the flooding. He writes on Conservative Home about his visit. Here is an extract. I’ve been in Cumbria today to see the areas affected by the floods. I arrived early in Keswick where I met officials from the Environment Agency. Although the river levels had fallen considerably and homes were no longer flooded, the damage to homes had been done. And the water which had got into houses wasn’t just from the river – it was foul water which had risen from the drains. I talked to fire crews who were pumping flood water back into the river, and discovered that they were from Tyne & Wear and Lancashire. They had been called in at an hours’ notice and had been working on the scene ever since, staying at a local hotel. You cannot fail to be impressed by the...
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Before you know it they would use that power to inflate huge bubbles in business property and housing, pricing younger people out of the housing market and blasting most of the rest on the financial markets.............oh wait........oh yeah.
Its taken me ages to get to this point of understanding, by constantly and reapeated asking the question "what is money?" and "Where does it come from?" i finally understand it.
i looked at lots of models and i had figured the "money multiplier" method must be it, but no, I was wrong again. This report from the BoE confirms that, and there is the problem, that is the crux of the problem. for as long as the power to create money is in the hands of people who are primarily searching for short term profits there is a conflict of interest. as there would be if were in the hands of politicans seeking votes.
But for as long as the system depends on people going into debt to "create" money into the wider economy, and debt repayment effectively means "money destruction" then there can never be a stable economy. That is the main reason HWSNBN and his famous quote of "No return to boom and bust" is and always was, and always was going to be - to use the technical term - "utter B*****ks"
regulation wont help much, complete reform might.
after all, preventing banks creating paper money was the intention of the act, so that power moves to the central bank, why not just amend it to cover bank deposits and money substitutes?