Banking Reform Now

Nation States Need To Get A Grip

Over the past decade we have been witnessing the results of a poorly regulated and corrupt global financial regime operating an unsustainable system of money supply in the form of fractional reserve banking. While the European crisis shows how many governments have borrowed recklessly, it is also clear that such behaviour has not, in itself, caused the problem but has simply brought an inevitable collapse closer.

That the fate of countries and, more importantly, their billions of inhabitants are now ruled by the whims of private credit agencies and faceless international lenders shows just how helpless have our national leaders become. The G20 meeting in Cannes demonstrated how utterly powerless are our elected representatives in the face of a system they do not control and barely understand.

What is to be done over the next 10 years.

Our leaders need to get a grip. I suggest a first stage in that process would be to call an emergency meeting of the United Nations this month to pass an international resolution that limits the interest rates payable by governments to each other and to private institutions to a maximum of 3% and a minimum of 2% – this would provide ample return for investors, a 1% adjustment window, a slow down of the collapse and allow indebted countries across the world more time to pay back their debts and lower repayments. The second stage in January would be for nation states to regain control of the money supply by nationalising their central banks. Stage three would involve creating new global banking regulations to drastically increase the fractional reserve to 2:1 by 2017. The end result of these changes would be a managed rather than catastrophic global recession leading to a stable banking system able to serve the needs of the real economy. Stage 4 would require banks to ditch the fractional reserve system completely by 2022 and to lend against real deposits and real assets.

Nick Nakorn

www.sirisuk.org

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About Nick Nakorn

This is the blog of a concerned citizen.
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One Response to Banking Reform Now

  1. John Schofield says:

    Exactly what is wanted. see also positivemoney.org.uk

    The politicians have to be educated to sort this out- they have the power but how do we give them the will?

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