The government shall set up a national not-for-profit bank available to all citizens as a public service for the safeguarding of their money through the normal current-, business- and savings-account activities.

The national bank, funded as needed by newly-created money (see Part three – Remedying the Burden of Tax and Debt) shall also lend money in the normal way at 0% or 1% interest and affordable repayment terms. The interest charged shall be used to finance the bank’s operations and cover its operating costs.

Priorities for these ultra-low-interest loans shall be home buyers and farmers.

It is the duty of government to work on behalf of  the People by doing everything it can to enable all citizens to afford their own homes and to help those who feed the nation. More on these strategies in a later article.

Banks shall be permitted to continue operating as they already do except that any money they lend may not be created out of nothing – the right of banking institutions to create money and lend it into circulation at interest having been cancelled (see this essay) – but must be money held on deposit in their vaults. Henceforth, the practice of lending money created out of thin air through mere ledger entries shall be deemed what it is: fraud and the only agency allowed to create money is the democratically elected government operating in full transparency supplying the means of exchange as aservice to the People.

The national banks shall abide by the policies regarding the safeguarding of people’s money and the guarantee in perpetuity of the availability on demand of cash (see this essay)

MORE TO FOLLOW

For all the articles in this series, go here

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Please visit Steve Cook

The above was published by UK Reloaded

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