Bill Totten's Weblog

Monday, May 11, 2009

The Bromsgrove Group

Statement of Beliefs

We recognise :

1. The supply of money into the economy is the big issue which governs all the issues. The present economic system is debt-based. This means that virtually all money is supplied to the economy as a debt to be repaid, with interest, to the banking system. Governments rely upon the majority of people going into debt to the banking system simply to create enough money to supply the economy. Governments, too, must borrow from the banking system to fund public expenditure. Taxpayers must then pay back the debt and interest repayments.

2. As a consequence of this debt-based economic system, we see the indebtedness of people, families, and countries growing daily. The present debt-based economic system perpetuates debt slavery, and this is ultimately destructive of society, the environment, and the planet.

3. The banking system creates money out of nothing. We are concerned at the claim that there is no money to fund vital public services, industries, and social and environmental projects, when this money at source is created out of nothing. Governments should be able to supply money, debt-free, without having to borrow from the banking system. "Debt-free" means that it does not have to be repaid.

4. The debt-based economic system must be challenged and alternatives constructed. The economy needs a supply of money debt-free.

Therefore, we affirm :

1. Money must be based on the real wealth of society people, skills and materials not on debt. The supply of money must relate to these physical facts not to the requirements of the banking system.

2. Money is the means of exchange for the goods and services produced by this real wealth. It is not a commodity itself.

3. The purpose of an economic system is to provide goods and services as, when and where required in order to satisfy human needs.

4. Money must be our servant not our master.

5. Money, at source, is created out of nothing, so there is no need for it to be scarce.

6. Whatever is physically possible and socially desirable can be made financially possible.

7. The present economic system can, and will, be changed for the better.

Consequently, we propose :

1. That the government via a democratically accountable authority undertakes the creation of a supply of money, debt-free, into the economy.

2. This authority should spend, not lend, a supply of money into circulation on the basis of proven need. This will reduce the overall burden of debt in society, break reliance upon the banking system for the supply of money, and open potential for limitless change.


Association in the Bromsgrove Group is open to individuals and organisations which support this statement of belief.

Respect is paid to the different options for change represented by different members within this statement of belief.

The group meets once a year and regularly exchanges information, inspiration and support.

268 Bath Street
Glasgow, Scotland
UK, G2 4JR
Telephone : 0141 332 2214
Fax : 0141 353 6900

Bill Totten


  • "The supply of money into the economy is the big issue which governs all the issues."

    Bullshit. I didn't get past the first sentence. Money, however created, is worth nothing without energy and real stuff to back it.

    The attempt to have a perpetual growth economy on an earth with finite limits is the big issue that governs all the issues.

    By Anonymous Anonymous, at 1:29 AM, May 12, 2009  

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