[A-List] The Single Most Important Reform
shimogamo at ashisuto.co.jp
Mon May 4 18:30:04 MDT 2009
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
This completely opens up the economic options of extra funding,
increases the political choice of expenditure and offers the prospect of
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
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
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
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
admcc at admcc.freeserve.co.uk http://www.ProsperityUK.com
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
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