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Published by: Simply Debt Solutions on Jul 23, 2012
Copyright:Attribution Non-commercial


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how power shifted from parliament to the banking sector
The Democrac Decit in Banking
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        W     C  L. W          ‘’     ,    ,            .
However, the greatest concern is that govern
ment has surrendered one of its most importantpowers—the power to create money and controlthe money supply—to the private sector which hasexploited this power to blow up housing bubblesand indirectly transfer wealth upwards and inwards,with disastrous results. There has been no demo
crac debate about this transfer of power, and nolaw acvely sancons the current set-up.As the last few years have shown, the bankingsector can have a serious negave impact on ourlives. Leaving it with such a huge and unaccountabledegree of power is no more likely to work in thebest interests of society or democracy in the futurethan it has in the past.
Ceding the PoWer to
CReAte MoneY to tHeBAnkInG seCtoR
In the current system, banks create the vast majorityof money in the UK, in the form of the electronicbank deposits that appear in your bank account.They create this money without regard to how muchis needed for the economy and society as a wholeto operate eecvely, and they put over 90% of thismoney towards acvies that do not contribute tothe growth of the economy.This power to create money causes inaon thatinsidiously transfers wealth from savers and thosewho hold their wealth in cash (i.e. the poor andthose on medium incomes) to those who are rich

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