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We the undersigned petition the Prime Minister to create a system of 100% debt-free money in the UK and abandon the banks' inflationary and unstable fractional reserve system of debt money. More details
Submitted by Jonathan Crewdson – Deadline to sign up by: 21 April 2010 – Signatures: 17
More details from petition creator
Over 97% of the money in circulation in the UK only exists because somebody took out a debt. The fractional reserve banking system means that banks effectively create the majority of currency we spend through issuing credit, which didn't exist before somebody took out a mortgage or loan. Less than 3% of the money in the UK is debt-free notes and coins issued by the Government.
Debt money from the banks has to be paid back with interest and its costs have to be added to industry and public service costs, which means prices and taxes slowly go up. In the meantime, the myth that creating and spending debt-free money causes inflation continues as the bankers don't want to lose control of the power they have.
We call upon the Government to scrap this system entirely - ban fractional reserve banking in the UK and issue debt-free money to everybody that is spent into the economy, beginning with major infrastructure projects. This is the only way to create a low inflationary and stable currency.
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