Green Party passed a motion to place money creation into public hands and end fractional reserve banking

From Positive Money

green partyThis weekend (Sept 13-16), the Green Party of England and Wales made history by joining the US Green Party in calling for an end to the private creation of money by banks. After a debate on the motion at the Autumn Conference in Brighton, the Green Party has collectively decided to instead place this power with a democratically accountable National Monetary Authority at the Bank of England. This represents a huge change in Green Party policy, as we are now calling for full reserve banking, alongside other radical policies such as a citizens income, land value tax and of course the decarbonisation of the entire economy as we move to a post carbon world.

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The passing of the Monetary and Banking Reform Composite Motion (read the background paper here) follows many years of campaigning within the party by members concerned about the private creation of money. A group of these campaigners, joined under the banner of the Green Party Monetary Reform Working Group, have been tirelessly working to educate and raise awareness about the private creation of money. This has involved the passing of motions to recognise this, regular stalls at conference to distribute leaflets, and of course talking with other members about all the issues that Positive Money also campaigns on.

Despite the former leader and first Green MP, Caroline Lucas, supporting the Positive Money campaign, it was a difficult debate. A wrecking amendment had been submitted, calling for the full reserve banking motion to be deleted and replaced with a motion calling for the public control of banks (which is already Green Party policy). Without ending the debt-based fractional reserve banking system, we can never move away from an economic system that has inequality and unsustainable growth built into it. Thankfully the wrecking amendment fell and the motion was passed unchanged.

Continue Reading Here…

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