Exploring Heterodox Economics, Mainstream Economics, and Environmental Sustainability.
Friday, 29 November 2013
Prosperity, and Monetary Reform
I have known about Prosperity for a long time, and it is a worthwhile group of people involved in monetary reform. RS
Welcome to the website of PROSPERITY, a monthly Money Reform journal based in Glasgow, Scotland, which is dedicated to spreading understanding about the nature of our debt-based money system, and campaigning for publicly-created debt-free money. What is Money Reform? Money Reform (sometimes called, Monetary Reform) highlights the fact that our economy today is "debt-based", meaning that virtually all money is supplied into the economy as a debt owed to the private banking system. We are reliant upon this banking system for the supply of almost all our means of exchange. In Britain today, 97% of our money stock is created by this private banking system as a debt, while only 3% is created by the government debt-free. As we explain on this website, that is both a technical absurdity and a democratic offence. As a consequence of virtually all our money coming into existence as a debt, we see the indebtedness of people, families and countries growing daily. Money Reformers believe the present debt-based system perpetrates debt slavery, and this is destructive of society, the environment and the planet. Money Reformers believe this debt-based money supply is the big issue which governs all the issues. Money Reformers advocate that the virtual Monopoly of Money Creation must be removed from the private banking system and we work to establish a publicly-created supply of debt-free money, created on behalf of the people, by a public body. This money should be spent, not lent, into society on the basis of proven need. This will gradually reduce the overall burden of debt in society, break reliance upon the private banking system for the supply of money, open potential for change, and empower people democratically. The Money Reformers' proposal is not a left-wing, or right-wing idea. It's just good sense!
This website carries some of the articles, interviews, and reviews which have appeared in back-issues of our journal, and which investigate and explain the debt-based money system, and which publicise the debt-free alternative. If our debt-free Money Reform ideas are new to you then we recommend reading the following articles to obtain a comprehensive introduction to our case. For a short, general introduction to the problem of a debt-based money supply see Bankrolling the World into Chaos by author Michael Rowbotham, and also see his call that debt-free money is The Single Most Important Reform Then for a fully comprehensive explanation on how the banking system creates money for both private and commercial needs, including a description of how notes and coins are created, how banks create money for national needs, and how international debt is created, see How Money is Created. Bill Clarke explains The Case for Monetary Reform and emphasises the extent to which most people are unaware of the debt-based manner in which almost all money comes into existence. This article should be read with Richard Greaves' summary of The Negative Consequences of the Debt-Based Money System. Alistair McConnachie addresses the democratic necessity for Money Reform in his articles Money for the People and by the People and in Publicly-Created Money: The Democratic Imperative where he also deals with some frequently heard objections to the Money Reformers' debt-free money proposal. James Gibb Stuart is Making a Case for Money Reform and laying out a basic debt-free money proposal, while Ron Morrison deals with how such a proposal could be brought into operation, and advocates that we Establish a State Bank to provide society with a regular supply of debt-free money.
Prosperity developed from the meetings of the Bromsgrove Group which meets annually outside Bromsgrove, near Birmingham. Each issue carries the Group's Statement of Belief which is a succinct general summary of the Money Reform case. Prosperity does not promote any particular "brand" of monetary reform, nor are we critiquing the system from any particular political or religious perspective. It is edited and published by Alistair McConnachie and can be contacted at: