London Global Open Table: 17th February 2010

The Global Table meets Wednesdays 12noon-2pm at the School of Economic
Science, 11-13 Mandeville Place, W1U 3AJ. From Bond Street tube, cross over
Oxford Street, go west, at GAP turn right into James Street, and keep going
– after a couple of blocks you will come to it on the left.

We are a network in search of ways to inclusive justice – see Global Table.


MATTERS IN THE AIR …. Reminding each other of opportunities before us:

– LETTER TO THE GOVERNOR – note also Prof Kotlikoff speaking at the LSE Wed 17th Feb,

– See the latest post on:

– Do we realise that the £200bn of Quantitative Easing (QE) actually IS publicly created and debt-free money? It consists of public credit=money injected to replace the private credit draining out of the system. The problem is that it’s not being spent into the real economy but is propping up financial asset prices in what Michael Hudson calls the FIRE economy. See Chris Cook on Labour List, here –

– URGENT consideration: MR and LVT :”The key is to “divert the economic rent” currently flowing into bankers (which don’t provide public services) into governments (which do). Monetary reform without land reform just entrenches present landed interests. Land reform without money reform is slow, difficult or painful as the basis for money issue is removed. It’s easier to do both than to do either alone.”

– Bahrain – report

– The Great Transition by NEF is a must read as we look for where momentum lies  – see: – and plan a collaborative strategy.
The Coalition for Economic Justice, in whose work the Global Table is a partner, is seeking dialogue with NEF.

– Developments in Call4Reform [Tony May] See Prosperity as tabled

– The petition – [120] “We the undersigned petition the Prime Minister to make the Bank of England the sole creator of money in our economy and to stop the commercial banks from creating money.” Please ensure you’ve signed it.

– Exchange with Phillip Blond of Respublica [Robin Smith]



“Espoused Theories” and “Theories in Use” some useful thoughts by Roy Madron – – The Harvard-educated economist wants to ban banks from lending money that is not matched in cash reserves. When Mervyn King calls for 100% “cash reserves,” I find that troubling. It’s reminiscent of the old 19th century gold standard — he who owns the gold makes the rules. Only the central bank will get to determine how much new money is put into the system. You may say things will be different when the “government” has a financial body making that determination — but the Bank of England is owned by the government! Theoretically at least, but we know it isn’t; it’s obviously controlled by big moneyed interests, and they have an interest in keeping money tight. A return to tight money is not the solution; we’re in a deflation, and we need MORE money and MORE credit. We need lots of public banks generating lots of credit, locally according to local needs, not having to wait for the spigots to open up — or not — from on high. Ellen Brown – part of a valuable exchange between Brown, Shakespeare, Walton and Hudson

Charles Bazlinton notes: QFINANCE approached me to place their link on The Free Lunch blog because a lot of traffic has come their way recently through my blog and they want to encourage it. It came about because I put a link to their article by Richard Werner. So if you want to help the cause of economic reform and money reform in particular could you go to: Click on the fourth link down: QFINANCE with its link to Richard Werner’s article on the home page. I want to show these helpful people that there are dozens of reformers out there. Please look at my Feb 10 blog’s – for an afterword about bribery cf land value tax after posting

“Robin Hood” tax campaign launched – and Debtonation » Blog Archive » The ‘Robin Hood Tax’ Ann Pettifor has a comment in Feb 10 Guardian on the new campaign on the Tobin Tax – the ‘Robin Hood Tax’. Click here to read the whole article: Ann Pettifor: “The proposed currency transaction tax (CTT) represents the tiniest … What Is A Common Good Bank™? Common good banks
are designed to be the corner posts of a new economic system — a democratic, community-based system that can spread quickly to give everyone a home, healthy food, and satisfying work. This is not just another bank with a social mission. This is A SOCIAL MISSION WITH A BANK! All profits go to schools and other nonprofits. Depositors decide what the bank should invest in. Free local credit card processing for local businesses. Micro-loans for new businesses and community projects. A full range of secure, FDIC-insured banking services. Committed to sustainability and economic justice. Once the first common good bank opens, any community ANYWHERE

Vulture Funds -Debt is still a major barrier to delivering a world free of poverty. Developing countries have firms, dubbed ‘Vulture Funds’, that purchase debt at low cost and sue the developing country for the full amount plus costs. We have the chance to stop this, if enough MPs turn out to support the Debt Relief (Developing Countries) Bill on 26 February. Ask your MP to take action.

Solutions to the shadow Economy – Can we create a debt free society? Presentation by Simon Dobson. Friday 19 Feb. 6:30 for 7pm start. Birkbeck Library Building, Room 416 (take lift to 4th Floor), Torrington Square, WC1 7HX, Between Malet St & Russell Square. Next to SOAS – Birkbeck Open Discussion Society. Everyone welcome