Bill Totten's Weblog

Friday, September 03, 2010


Welcome to the website of Prosperity, a quarterly 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 three per cent 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 {1} by author Michael Rowbotham, and also see his call that debt-free money is The Single Most Important Reform {2}. 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 {3}.

Bill Clarke explains The Case for Monetary Reform {4} 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 {5}.

Alistair McConnachie addresses the democratic necessity for Money Reform in his articles Money for the People and by the People {6} and in Publicly-Created Money: The Democratic Imperative {7} 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 {8} 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 {9} to provide society with a regular supply of debt-free money.

Prosperity developed from the meetings of the Bromsgrove Group {10} which meets annually outside Bromsgrove, near Birmingham. Each issue carries the Group's Statement of Belief {11} 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:

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


The Aim of Prosperity

by Alistair McConnachie, Editor

Our aim is to make Money Reform a big issue - that is, to bring the debt-free money proposal into the political debate, and to put Money Reform firmly on the political agenda. We spread the message that the money system is unjust, that it can be reformed, and that this is urgent. We have the solution, we deal with the technicalities and we emphasise spreading the word and organising for change. The priority is to generate the grass-roots demand for the Money Reformers' debt-free money proposal. When it's a hot issue, then the technicians come out the woodwork ... at present, entire University departments are dedicated to maintaining the existing system. They need to start researching and teaching our Money Reform ideas.

Our Strategy

How will we achieve our aim? We provide the message in a clear, concise form that people can understand, remember and repeat. When people have it in that form, it catches on! We expose existing injustice, promote options for change, and demonstrate that our alternative is viable, just, and more effective than the present system. We aim to prove that it benefits both you and the public good.

A Regular Journal

We published our journal monthly, until number 72, December 2005. We are presently a quarterly.

An Activist's Tool

Each issue is designed as a campaigning tool. The essential message of reform is carried in every issue. People reading any issue for the first time will know what we stand for, will understand the injustice we address, will realise the need for change, will be motivated to act, and will have the references, addresses and publicised meetings for follow-up action. If you're not already a subscriber, please subscribe today.

Developing a Winning Philosophy

Our articles develop the four areas which together make a winning philosophy:

* Our fundamental principles - what we believe ...

* Our aims - what we want to achieve ...

* Our arguments for what should be ...

* Our rebuttals to the frequently heard objections.

In addition, there are essential-background articles which provide the facts, statistics, history and technical details needed to back-up this winning philosophy.

Our Style

Bite-sized Articles: We limit articles to one or two sides of A4, making it easy for you to photocopy and distribute. This encourages our contributors to concentrate on concision!

Properly Referenced: Every quote is properly referenced so that you can use it with confidence.

Jargon-free: Any strange expressions will be properly defined. There's nothing worse than trying to de-code a complex document not quite written in English ...

Concision is our Guiding Principle: All unnecessary words are excised. We don't intend to waste your time. There's too many unnecessary words in the world; we only print relevant ones.

A Satisfying Learning Experience: Every article is a learning experience; no wasted reading-time with us!

People and Personalities: We give you the essential message in bite-size form, but we also give you the people and the personalities - the human angle. Ultimately it's the people who transform an intellectual theory into a movement that is vibrant, interesting and alive; we regularly carry interviews with such pioneers.

Emphasis on Activism: This is vital! We want to publicise and report your meetings and events. We want to let everyone know there's a movement out there that is getting busy. We want to report each month on meetings, initiatives, new information and material being produced by our reforming movement. So, please keep us informed and we will keep you informed.

If you are not already a printed-copy supporter, please subscribe today!













Bill Totten


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