Bill Totten's Weblog

Tuesday, May 05, 2009

The Single Most Important Reform

by Michael Rowbotham

Prosperity (January 2002)

The interminable squabble between left and right on taxation and spending priorities does not represent the full range of choices. The real political option is embraced by the creation and supply of money by government.

This completely opens up the economic options of extra funding, increases the political choice of expenditure and offers the prospect of true welfare.

How dare a government claim it cannot find the money to pay for this or that essential service when they do not bother to create any money?

In the context of the responsibility of government to create money, the annual budgets in which politicians divide up 'the national cake' are nothing but a preposterous patronising pantomine; a cheap propaganda exercise in debt-money economics, as a result of which workers and businesses and various sectors of the economy are turned against each other, and jealousy and social division are fostered.

The current position is that, whilst farmers, factory workers, businessmen, inventors, house builders, teachers and hosts of others work together to make available the wealth of a country, they are not able to exchange the goods and services that they make without borrowing money into existence. They cannot eat, sleep, take shelter or obtain clothing for themselves and their families without borrowing to buy.

Despite the fact that the goods are available, and industries are desperate to sell them, the people of our nation are only granted access to the products of their economy if sufficient and increasing numbers of them first go into debt. That this is an outrageous situation is beyond any dispute.

To allow this arrangement to continue, indeed to worsen it by embroiling people ever deeper into debt via mortgages, insurance, pensions, forcing single parents back to work, manipulating the education system to support employment, whilst all around us the economy is propelling people into a future they have not chosen and at a pace they cannot handle, is to usher in an era of such instability and tyranny, erected upon falsehood and confusion, that the very future of all civilisation and of life itself must be in serious doubt.

It is no exaggeration to claim that the reform of this debt-based monetary supply system is the single most important area of reform confronting us.

Reforming the financial system is more important than the war against poverty and starvation, more important than the movement to protect the environment, the struggle against pollution, the peace movement, the fight against drugs and racism, and the battle for social justice and welfare.

Financial reform is more important than all these other problems for the simple reason that the current financial system is responsible, both directly and indirectly for causing, or at least exacerbating them.

As a result, however fast people try to tackle these various issues separately, the dominating economic background of an exploitative system of wage-dependency ensures that the situation deteriorates faster than the reforms can cope.

The Grip of Death, pages 324-325.

On this, at least, the IMF had it right.


Please print out, photocopy and distribute these articles. Also copy and paste them to emails, and circulate widely, and please include all the essential contact information below. Thank you.

Essential Further Reading:

Prosperity: Freedom from Debt Slavery is a four-page quarterly journal which campaigns for publicly-created debt-free money, edited and published by Alistair McConnachie. A four-issue subscription is available for GBP 10 payable to Prosperity at 268 Bath Street, Glasgow, Scotland, UK, G2 4JR
Tel: 0141 332 2214; Fax: 0141 353 6900
Or you can follow this link to our subscribe page:

The Grip of Death: A study of modern money, debt slavery and destructive economics by Michael Rowbotham [Jon Carpenter Publishing, 1998] and Goodbye America! Globalisation, debt and the dollar empire by Michael Rowbotham [Jon Carpenter Publishing, 2000] both available from the address above.

Bill Totten


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