Douglas Carswell's UK banking reform bill, first reading (2010-09-15)

[MultiBritishbulldog]

Its a shame 99% of people are more interested in the latest app for there bloody i phone or dumbing themselves down with "reality T.V" than discussing and sharing ideas about how corrupt our banking system is. If nations took back the power to issue money we could almost eradicate our nations debt. Now i understand why they teach us about dinosaurs instead of how the money system works. It is slavery re-packaged so we cant understand it. For gods sake people WAKE UP!!!!!

[mises84]

I want this bill to be read in my parlament!! common sense!! what an extravagancy

[Sliptodance]

"When demand for something rises, businesses produce more of it in response" That's OK but he goes on to say "demand for credit increases and the price of credit should rise"

If lot's of you want to borrow something from me I have to set low rates, or you'll go elsewhere.

I don't need someone to deposit with me as a precondition before I lend to you. If you've got the money to deposit with me initially, you wouldn't need to gain any credit from me.

He has a worrying affinity with the B of E.

[psychotropicfan]

So what happened with the second reading????

[greasyjoe90]

A Conservative who speaks a lot of sense on various subjects and doesn't toe the party line.....Oh! And he's my MP, aren't I the lucky one!!

[psychotropicfan]

Can someone please tell me, when did the second reading occur?

[Elberiver11]

How much more time will have to pass, until people finally wake up from their slumber and realize that the BANKSTERS are their greatest enemy?

[ChallalaLah]

Wait they don't have pages in their Parliament or Committees

[clubblazerscouk]

Everyone who watches this should visit positivemoneydotorgdotuk

[JusticeNature]

This is amazing, this guy should be chancellor....infact prime minister... i think someone should start a facebook campaign

[Beckettbank]

According to the parliament . uk website, this bill's second reading is now 30 March 2012. Anyone know what's going on?

[JusticeNature]

@Beckettbank he scared the hell out of alot of powerful people.

[Beckettbank]

@JusticeNature Seems that way, the 1st reading was in september with the second reading initially scheduled for two months later, now it's two years later! Something rather fishy is abound.

[acudoc1949]

Good for you, Sir! To hell with the fractional-reserve banking scam and the sub-species of human who manage such banks. You are courageous and intelligent. Ally yourself with Hannan and the two of you have the intellect to swamp all the rest of the craven and venal politicians bought and paid for by the banking lobby.

It is a Ponzi scheme enslaving the entire world. I rise up against it with you, come hell or high water.

Let Justice prevail, though the heavens fall!

[rayme4raw]

This is going to be a major issue for years to come until it finally becomes a reality.

[TheAWACAN]

im shocked, is this a joke ?

[KaneAlmsivi]

@TheAWACAN No, sadly not.

The 2nd reading of this bill takes place in 4 days. Contact your MP and tell him to support the bill.

[ammoresperros]

This is future! Good luck England! I greeting from Slovakia!

[limbicsounds]

Wow, I haven't seen a politician talk this much sense for ages.. and really hope he keeps pushing and gets this one through eventually.. that might facilitate creation of a proper democracy rather than the pseudo version we have now..

[KaneAlmsivi]

@limbicsounds The 2nd reading of this bill takes place in 4 days. Contact your MP and tell him to support the bill.

[nkalbasi]

wow how am I not surprised that everyone is paid off not to show up? its free credit being used to buy MPs, what a fraud. monetary reform is a must, England needs it, America needs it and every other western country in the hands of fractional reserve banking needs it, if we are to stop this cycle of boom and bust and the ultimate wealth consolidation that results from it. But Im sure someone else will say, common sense is stupid, the banks know best. ppl will never see this the way it is.

[Castaril]

Is this guy an anti-semite?

[nkalbasi]

@Castaril Are u stupid?

[Castaril]

@nkalbasi I'm just saying Europe has a long history of lashing out against "bankers".

[ProjectRedPill1]

@Castaril Just to clarify, the vast majority of modern Jewry are Ashkenazi, or German Jews, and are NOT of a Semitic background. Ironically, Palestinians have more claim to a Semitic ancestry than most Jews. It's one of the many deceptions foisted upon society by the so-called, self-styled Jew. But you are correct in implying that much of the international banking is controlled by a Jewish faction.

"He who controls the money supply of a nation controls the nation." -- James A. Garfield

[iheartpopculture2]

hes chattin poo! banks dont own my money! hahaha

i'll go swallow some commercials

[jeanserge21]

Where are the other MPs? The place is almost empty for such an important topic. The MP was inspired by Jesus Huerta de Soto's book, "Money, Bank Credit, and Economic Cycles". The author belongs to the Austrian School.

[dxvxvx]

My heart burns to see such sense. Interest and inflaton both man made allow the rich and elite to get richer and cause our savings to dwindle year after year - this is slavery repackaged. Fortunately it enslaves every race and religion on this planet. By uniting against this for interest free based economy our future generations can be the motivation to support an interest free basesd currency backed by Gold (no inflaton)

[cleanmrbroadway]

@dxvxvx What good is a gold based economy when the price of gold can be so easily manipulated by the money printers. SEE; Bill Abrams part 2.

[Reformabank]

Let's hope a few more turn up for the second reading - problem is this legislation is now out of our parliament's hands - it is the EU Internal Markets Commissioner who calls the tune - and he's only interested in adding a few flimsy guy ropes to this monstrous inverted pyramid.

[tothemax01]

@dxvxvx No one would lend money if it did not yield interest. Interest free banking is impossible.

[JBMontgomery87]

@tothemax01 It exists in Islamic banking.

[tothemax01]

@JBMontgomery87 It does not. Islam preaches about riba being haram, but muslim banks are still enterprises which need to make a profit. Hence, they weasel around the issue by calling their activities anything but what it is: making money by lending money (interest).

There are some projects that can be financed by equity (issuing stock), but for the most part an economy needs debt to function.

[enstic]

Finally. An MP who sees the banking system for what it is, fraudulant!

[onlyafool1611]

@enstic

Fantastic comment

[dxvxvx]

@enstic I was wondering why you said the banking system was fraudulent. I've learnt about the Islamic monetary system and after that I came to the conclusion you've come to about today's banking, so I was surprised by your comment. I'm not saying people are not enlightened; it's just that the system tries to show us it is fair

[beautylover123]

The challenge is that most people do not understand the "Theory of Money" and have never lived an alternative system to the current one, and hence can not conceive an alternative.. People learned to deal with the system and can not clearly define an alternative... On the other hands beneficiaries of the current systme exploit that void of understanding and woudl certainly fight tooth and nail, and lobby aggressively to kill any such attempt to reform the system. Read a book called "Web of Debt"

[beautylover123]

After doing tons of research on this subject , I came to the same concIusion that the banking system is fundamentally flawed, and it is true that we are all living in a system of perpetual debt, chronic inflation, and unsustainable development. This has its toll on the quality of life of billions of people. It is also true that Capitalism is a brilliant system if you want to drivie production, innovation and consumption, but this is one side of the story. The downsides are huge though....

[dsau006]

The emptiness of the house speaks volumes about the British government.

[britishnick]

Wow, a rare treat!!!!

An MP a) knowing his subject

b) making some suggestions that will actually help the PEOPLE rather than the corrupt corporations!!!

Let hope this one stays alive :o)

Thank you Douglas Carswell

[jifges]

Here is a transcription of the reading:

critical-reaction.co.uk/2748/2­1-09-2010-ending-the-sugar-rus­h-from-candy-floss-credit

[cja100]

Well done Mr Carswell!

[Hitchinian]

What the fuck?!?!? A british politican speaking some sense? This is surely fake!

[kingofthepaupers]

Jct: He wrongly thinks banks lend on their depositors' funds. He doesn't know they are lending out new credits based on the deposit that never leaves the depositor's account. One minute in and I see it's a sad waste of time. See my youtube video How Banks Create Money for a plumber's blueprint from the tap to the drain with pipes.

[leafwatch]

It is astounding that these decision-makers are just now discovering the basic economic facts that have been thoroughly analyzed in many scholarly and books, CDs, even videos on mises.org, for both beginners, advanced students of economics, and scholars.

[Brodierunting]

There will be no valid objections to this bill - because there are none!!!!

(but im sure some may try anyway)

fractional reserve is a total lunacy - join our campaign to spread the word and push for change at Positive Money.org

[jaimesald]

Excellent!

[LeeboProductions]

I got the sudden urge to give a standing ovation as he handed over the bill.... BRAVO!!!!

[IntermittentFast]

Its great that Carswell is talking about the legal status of demand deposits, but how on earth can he do that without addressing the CENTRAL BANK and FIAT MONEY?

That's TWO elephants in the room that he was ignoring.

[IggyInBurnaby]

HERE HERE

[sanarkhos]

@IggyInBurnaby

I think you mean hear hear!

[IggyInBurnaby]

@sanarkhos

Sure, whatever has the meaning 'I fully support this'.

Holy pedantic batman!

[sanarkhos]

@IggyInBurnaby Hardly pedantic! Hear hear means hear him, hear him, or hear ye hear ye! Here here is completely and utterly meaningless, unless you're trying to point out where the fox is. But I guess they're interchangeable, right? I mean, they're *basically* the same word, so I guess you're right: Do you here what I here? Can you here me? Do you here me dog? Here me out. I don't wanna here it I here a bumblebee Let me here your scream What's next, the rabbit and the here?

[IggyInBurnaby]

@sanarkhos

pedantic: overly concerned with minute details - I think that accurately describes your need to correct my mistake. May even be an accurate description for you as a person, hmm?

By the way, I had agreed with you that I made an error by saying 'here here' instead of 'hear hear'.

Now hear is a question for you to here. How do you live with yourself?

Actually I don't need to here your reply. Maybe you should visit the web page hear:

helpForPedanticPeople dot com

[whydidigetdeleted]

I find it most ironic that its a tory, of all british parties to expose this. Lets see the lobbying an the second reding to see how bent governments are

[segasonichq]

7:21 What is this?

[bman2112]

Bravo!! I truly hope this bill passes.

[LibertarianChristian]

Austrian economics ftw!

[acidtrashy]

torys are wankers

[harlingtonstraker]

It is good to introduce but will change little. The cost of storage accounts and charges thereof will mean almost everyone will decide to let banks on-lend. Carswell is jncorract about "real savings", for unspent balances are real enough.

[gwydion75]

@harlingtonstraker real savings allows and incentivizes the individual to decide what to do with a large amount of capital instead of people willing to go into debt without any actual backing of capital, who then default on it. Fractional reserve banking is immoral and exists only due to its legal acceptance. In no other industry can wealth or product be created from thin air under such a faint hint of capital. The world has never had a financial collapse because everyone sat on their money.

[Andronichuk]

I really hope this bill passes...

But the banking lobby will surely pile of the pressure against it behind closed doors.

[TheFairKnight]

Kudos, Human Action should be required reading for all politicians

[nuclide]

Love the House of Commons; I used to watch this in college, drunk and late at night, it was such great entertainment.

[CHUCKtheFED]

Fantastic! I'm sending this everywhere

[libertopian]

There are some new concepts being formed in the brain of the guy sitting beside him. In the middle of the night he'll wake up suddenly in a cold sweat and realise the horrible truth about modern monetary systems.

[grahamfparis]

Well Done Douglas Carswell, now let's see how this Bill is opposed and by whom, then you'll see the country's traitors. This is a courageous move and I wish him lasting good health! There are some interesting keywords in the reading such as "Pyramid" "Ponzi Schemes" and "Legal Privilege" strong, truthful stuff! Write to your MP Google Fax Your MP" demanding (politely) that he or she supports this vitally important Bill.

[Hyperion4ever]

if democracy worked he would succeed, but the majority of the people don't care about these important things... Read "Democracy. The god that failed." now!

[TobiasGrable]

A smart guy is talking, and nobody seems to listen.

Austrian Economics!

[ozithortitan]

when the system crashes inevitably the people will revolt and kill any banker they an get their hands on new governments will likely hunt these banksters down like terrorists because frankly thats what they are.

[cheer123ification]

My god a MP speaking some sound sence on a bloody important issue........keep up the good work guys