Many readers will have satisfying memories of attending or speaking at meetings on monetary issues in the Commons and House of Lords, which were organised by Sabine McNeill, founder of the Forum for Stable Currencies.
At one of these I sat with a sceptical young investment banker and saw him being won over by James Robertson’s presentation and – at least – agreeing with his recommendation of ensuring a ‘level playing field’ in banking.
The Forum’s chairman, MP Austin Mitchell has tabled ten Early Day Motions (EDMs), signed by almost 80 MPs.
His latest [March 2010] is EDM 1138 on Interest Free Credit:
That this House believes that HM Treasury should alleviate the effects of the recession and prevent the continued escalation of debt by matching the amount of money created through quantitative easing by the Bank of England with interest free cash for financing works in the public interest, thus addressing the enormous imbalance between interest bearing credit and interest free cash in the overall money supply.
A new direction
Though Sabine was caring for her mother in Brandenburg she somehow found the time and energy to branch out, giving support to victims of the financial, legal and judiciary system by grouping cases in order to press for legal redress, or even changes in the law.
The legal basis is set out in Austin Mitchell’s EDM 1297 re the ENFORCEMENT OF BANK OF ENGLAND ACT 1694:
That this House, observing that the intention of the founding Act of the Bank of England in 1694 was `that their Majesties’ subjects may not be oppressed by the said corporation’, notes that those subjects have been seriously oppressed by the Bank’s failure to control the greed, risk-taking and speculation of the banking system over which it presides; and therefore suggests that this oppression should be dealt with as the Act provides by fines three times the value of the abusive trading.
In April 2009 at a Challenging the Recession event in the Grand Committee Room of the House of Commons some stories were recorded by Brad Meyer of Collaboration on video, which can be seen by following the next link. The morning focussed on the causes, while the afternoon gave victims a chance to tell their stories. Many found connections leading to the same solicitor or court . . . More cases were recorded at meetings in June 2009 and March 9, 2010.
Sabine explains that in all these instances, Article 47 of the European Charter for Fundamental Rights is being violated by UK authorities and has sent five cases to the Fundamental Rights Agency in Vienna, asking for guidance.
SAFE Online, the website of Struggle Against Financial Exploitation Ltd, has attracted over 60,000 visitors. SAFE members have attended Forum meetings ever since they began.
At the last Forum meeting MP Austin Mitchell advised the staging of a public inquiry; preparations are under way for a 2011 January meeting in the House of Lords.