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A Scottish Constitution

Wise words to those who are drafting a new Scottish Constitution

I.e. Alex Salmond – read this!


Quoted from with minor edits by Richard Pettigrew


In drafting the [US] Constitution, the founders acknowledged the inherent sovereignty of the individual and recognised the necessity to place restrictions on the extent to which the government could make demands against an individual’s sovereign free will. The founders understood that to do anything less than guarantee personal sovereignty is a prescription for re-establishing the offences of tyranny.

The [US] Constitution does not grant, nor distribute the sovereignty of Kings and Gods unto the people. It presumes no such power. It recognises the inherent lie that underscored the claims of Kings to rule as sovereigns by divine right over the people. It acknowledged the merits and the potentials of the sovereignty and free will of all persons, regardless of status or bloodlines.

The [US] Constitution, flawed though it was in its exclusion of women and slaves as true persons, hypocritical as it was in accepting the demands of the South for continued slavery, as willingly blind as it was in justifying the decimation of nations of Native Peoples, and as contentious as it was in pitting Christians and Deists against one another as they struggled to draft the language of freedom, the writing of the Constitution and the Bill of Rights, in itself, demonstrated the transformative power of free will and the courage of a people to acknowledge their sovereign right to self-determination.

Free will is as much a skill to be honed as it is an inherent sovereign right. It is founded in the primacy of the sovereign soul and in the body as the material expression of the soul. The responsibility to nurture and hone one’s free will is as onerous as the anticipated retribution for demonstrating freedom in the face of tyranny and as freeing as knowing with certainty the “Thou Art” energy of love and deep eternal consciousness, never truly separated from the “God” consciousness or Source.

Exercising free will as a child is done under the protective eyes of loving parents. Wise parents pair the child’s intuition and innate inquisitiveness so that the child will learn discernment. As the child matures and is more capable of protecting one’s self, self-determination and free will are the critical tools for exploration, creativity, independent thinking and developing compassion. These skills support the maturation of the child into a thoughtful, responsible adult. Honing and expressing these skills is the inherent right of every individual sovereign soul.

The perception of separation from the “God” consciousness allowed us, as spiritual toddlers taking our first steps, to begin the process of sovereign individuation. Religion, at best should have served as training wheels on the bicycle of the child-like soul, but in maintaining false primacy, it became the fear inducing gargoyle, stunting and controlling the free will.

The role of government is solely to respect the boundaries of individuals and enforce laws to prevent the violation of those boundaries by others. Interference beyond that point as either Nanny State or tyrant is a violation of the acknowledgement and development of the sovereign’s free will.

Developing and nurturing our individual sovereign free will has always been necessary for the unfolding, remembering and awakening of “God” consciousness within all individuals as a process of maturation of the soul.

The language of free will must also be understood. The term liberty denotes that freedoms are granted and that the government is the parental sovereign. Freedom is based on the sovereign free will of each individual person and the limitation of infringement or government intrusion. Liberty and freedom are fundamentally at odds because they are definitive and separate states in the development of sovereign free will. By using these words interchangeably, we muddy not only the language, but our understanding of the process of being a sovereign.

Liberty is a lessening of restrictions and accepting of permissions. Liberty is the teenager asking permission to stay out late with friends. It is a sailor having permission to go ashore. Liberty recognizes the sovereignty of the government over the independence of the individual. Freedom does not kowtow to restrictions and does not ask permission because there is no religion or government that has any rights to impose restrictions nor grant permissions.

But, freedom is not chaos or anarchy because it is based on mutual respect. The word freedom is a misnomer in that it implies that one is entirely free from obligation, law or construct. Freedom is the synergistic balance that honours and respects the sovereign rights of one’s own person and one’s boundaries and the sovereign rights of others in kind.

Sovereign free will is the demonstration of the primacy of the sovereign soul.

The acknowledgement of sovereign free will as a function of “God” consciousness is arguably more contentious now then it was at the writing of the US Constitution. Materialist science denies the existence of free will as a function of consciousness and scorns the notion of “God” consciousness as fantasy. Science demonstrates the formation of conscious thought as a function of the material brain and likewise, that the brain is dependent upon the circumstances of its neurology, its genetics, biology and environment. The brain therefore should not be capable of forming truly independent thought, or of having free will. Evidence for a precursory level of influence upon matter is considered pseudoscience. It does not fit the predictive dogma of the standard model. Ultimately, this self-limiting model of analysis is compatible with the collectivist notion that mankind is incapable of individual competency outside of the parental tutelage of the State.

A less materialist, more quantum scientific approach looks at evidence for the function of the brain as an antenna of sorts, storing memories not in restricted areas of the brain as previously determined, but in the “field” to which the brain has access. Corporate efforts to patent human DNA as studied in the Human Genome Project met with the unanticipated discovery that DNA has receptor functions that interact with conscious thought. Our DNA is not merely a biological blue print whose patterns can be owned or patented. We are not mere machines to be translated into a post-human world. Luckily for us, our DNA is alive with light emitting energy and seems to interact with our conscious thoughts.

Scientifically dissecting the components of this dynamic has been necessary as a stage of our understanding and is relevant to the integrity of our actions. The validation of our sovereignty can be found through both science and personal discernment if we look past the predetermined consensus conclusions set by the gatekeeping of corporate funding and politically motivated peer review.

All of existence, whether it is in ethereal or material form, is the manifestation of the “God” consciousness and sovereign free will. Intention and emotion necessarily precede the formation of energy and matter in this eternal process of creation. Matter in its purest form is energy and energy responds to consciousness. Matter is a vehicle of intent and emotion, sovereign free will in conscious and subconscious motion. Even the words hint at a clue beyond their etymologies as tension is a measure of voltage or of sound vibration and motion is the movement of energy. How we perceive and what we intuit can both provide clues for the direction of our exploration and discernment of truth. Understanding, like life, is dynamic synergy in balance.

All individuals have the sovereign right and responsibility to develop their free will, their individuality, potentials, and gifts. Sovereign individuality creates synergy between the all of the souls who make up the group, potentially awakening and magnifying the life force into the consciously creative energy and intent of Divine Consciousness. Sovereign free will is the electromagnetic spark of compassion and justice, righteousness and boundaries, all in balance with one another. This is our inheritance.

The culture of control, the artificial consensus, the usurper bureaucracies and politicised faiths offer no such balance. They offer you servitude from cradle to grave in the mandated surveillance society. They offer you freedom from the responsibility of logic and discernment. They demand only the surrender of your sovereign free will.

When a nation fails to honour and protect the sovereign free will of its people, it is the responsibility of every individual sovereign to speak out in acknowledgement of one’s sovereign rights. It is the responsibility of every sovereign soul to dispel the fear that rushes in to stifle independent discernment and to stand with certainty in the light of truth. The sovereign source energy within every individual is a power so potent that only wise discernment and deep understanding of free will can enable the sovereign to awaken the peaceful direction of such power. We are only beginning to grasp the significance of this coming of age.

The synergy between the free will of sovereign souls is far stronger than the consensus conformity of the culture of control. Living in fear is no longer an option. Self-determination, self-authority and creativity are our birth right. Acknowledging and honing our sovereign free will, awakening to our responsibility as sovereign souls, is the key to our true freedom.


So with the above in mind, those drafting any Scottish Constitution for an Independant Scotland would well to take heed of these wise words.


Social networking giant threatens to close Alex Jones account over Bin Laden “Al-CIA-da” image

by Paul Joseph Watson

October 29, 2012

Facebook is now apparently censoring political posts which violate its “Statement of Rights and Responsibilities” as hate speech, after the social networking giant threatened to close radio host Alex Jones’ account over an image of Osama Bin Laden with the words “Al-CIA-da” written underneath.


Climate Science scaremongers again

During the time in the Earths history the article is refering to, they deftly avoid mentioning that the Continent of Antarctica was not physically at the South Pole, but at a different lattitude.

Hence the land mass was not covered in ice.




Comment responses to the Article –


I live in the UK too, and nothing of this article has been in the press or TV, as you say.

The thing is, the Discussion Document is available for download from the HMRC Website, as linked to in the CNBC article.

The idea is not made up or any type of conspiracy theory, it is fact.

Although, at this point, a Discussion Document does not represent formed policy nor any plan to implement. I do however believe that some form of limited implementation is on the cards.

This is no joke. No way am I going to let my paycheck be sent first to HMRC before I get it. That’s not how tax law works in the UK. The present UK government would have to get legislation through the House of Commons and the Lords before HMRC can be instructed to operate this way.

As it stands the Discussion Document closing date is 22nd September 2010 for comments and suggestions – so probably the whole country (UK) has missed the boat on this. Article –

by Duncan BurbidgeProsperity, June 2000

A Citizen’s Income scheme (sometimes called Basic Income or Universal Benefit) is intended to overcome the failings of the present welfare state. It would be simple in application, increase economic efficiency, help prevent poverty and unite our society.

The first part of this article explains the Theory behind a CI and the reasons why it is needed; the second stage details the Practice and in particular, the setting-up of the cross-party group, Citizenship, Income, Economy and Society in the Scottish Parliament.

How is Citizen’s Income defined?
Citizen’s Income is an income paid by the state to every man, woman and child as a right of citizenship. It could be financed by a tax on all (or almost all) other income, but other ways of financing it are possible.

Receipt of a CI would be conditional on legal residence and it would be age-related. More would be given to elderly people than to adults of working age and more for adults than children. There would also be supplements for disability. There would not be differences on account of income or wealth, work status, gender or marital status.

How would such an income be paid for?
There are different ways this could be done. One possibility would be through a new income tax which would combine existing income tax and National Insurance contributions. In principle all income in excess of the CI payment would be taxable, although in practice the first slice of earned income (about £20 a week) would probably be tax free. The present system of income tax allowances and reliefs benefit the better off more than the less well off.

Research work being undertaken by the Citizen’s Income Study Centre (CISC) in association with the Council of Religions in Ireland (CORI) shows that a tax rate of around 40% (with NI and Income Tax combined) would be sufficient to provide an income per person of around £55 per week. Since this income would be guaranteed, and thus available for long-term financial commitments such as loans, the benefit would be greater than the current (conditional and subject to review) benefit system.

Do we have anything like a Citizen’s Income already?
Yes. Child benefit, paid on behalf of every child regardless of the income or work status of the parents, is virtually a Citizen’s Income for children.

What is wrong with the current welfare state?
The gathering momentum for reform is given impetus with each new welfare patch. To most observers it is clear that as soon as one gap is plugged, or one problem addressed, a new group suffers. This is the classic symptom of a system that has outstayed its welcome, something that is hardly surprising when one considers that the existing benefit system is still founded on the institutions and assumptions of the 1942 Beveridge Report. Although the basic principles of the Beveridge Report are still very relevant today — the right of every citizen to a minimum level of subsistence and the need to preserve incentive, opportunity and responsibility — the disappearance of full employment and other more complex social changes have seen the benefit system deteriorate into a complicated morass of constantly changing social security and tax legislation, much of which is counter-productive.

Administration costs alone put nearly 2p on income tax. Despite the large amount of annual expenditure on social security there has been a steady growth in the numbers of those in poverty.

Three important areas need to be tackled:

The Unemployment Trap — most claimants would like to work but they are the victims of a system which has undermined the financial rewards that used to make work worthwhile. Income tax, council tax and National Insurance contributions are charged on earnings below out-of-work benefit entitlements. Many unemployed claimants, especially lone mothers and people with disabilities, find it difficult and often impossible to earn enough to offset loss of their dole money and pay their taxes, fares to work and child-care costs;

The Poverty Trap — working families with children can claim means-tested family credit, but this replaces the unemployment trap with the poverty trap. By the time they have paid their taxes, some families get only three pence out of each extra pound earned. The balance is skimmed off by the Inland Revenue and the DSS.

Pensioners — many pensioners (mostly women) are still not entitled to a full basic pension because they have not been in full-time work for long enough, if at all, usually because they are looking after others. Instead, they are expected to claim means-tested benefits. Other pensioners, who have worked and saved all their lives, find themselves no better off, sometimes worse off, than if they had not saved at all. They find that their savings or their small inadequate pensions disqualify them from income support and housing benefit.

So how would a Citizen’s Income change things?
Citizen’s Income has the same objectives as the Beveridge Report but uses different and potentially more effective methods to achieve them. Contribution records, means testing and income tax allowances would be dispensed with and a Citizen’s Income payment introduced based on legal residence. Out go benefit ‘dependency additions’ (for spouses and children) — and in come individually assessed Citizen’s Income payments for each man, woman and child. Out go availability-to-work tests — and in comes the freedom to take whatever jobs are available without fear of prosecution.

Citizen’s Income Study Centre
Set up in 1984 as the Basic Income Research Group, the Unit, based at the London School of Economics and Political Science (LSE) has evolved into the Citizen’s Income Study Centre, headed by Stuart Duffin. Currently, the Centre has four permanent employees and four research associates.

The priority for the next three years is to keep alive a focus for informed debate. We will function as a centre of excellence in the field of dissemination about Social and Economic Participation Income — (SEPI). In the following five years, we will lead a practical approach towards the implementation of such a policy.

Social protection is a state’s responsibility. The basic aim of the Centre is to develop strategies and tactics to alleviate poverty and spread the risks amongst citizens over their life spans. There are no easy solutions; all solutions contain risk. We need to balance and minimise that risk. Therefore, the Centre’s area of work focuses on the development and implementation of a Social and Economic Participation Income. A SEPI policy must adjust to an environment containing:
– New technologies;
– Economic globalisation;
– New family and labour market structures; and
– An increasingly aware and critical public.

The political economy of social security is dynamic. There are continuing changes in employment patterns, which are revealing the necessity for a tax and benefits framework along similar lines to a working families tax credit. Also, it is recognised the joint CISC/CORI research will influence the direction of the SEPI debate. This research, financially supported by the Rowntree Charitable Trust, reviews and evaluates welfare strategies and tactics between Eire and the UK. It also puts forward a strategy for implementing a reformation in social protection for the UK through the dynamics of tax/benefit integration.

CISC will provide a national and regional forum for interaction between advocacy agencies, administrators, opinion formers, researchers, community agencies and professional bodies in the welfare sector: such that a co-operative strategy for education, skill development, research and policy can be achieved. CISC will serve as a link between individuals and groups committed to, or interested in, the social dimensions of economic policy, and to foster informed discussion on this topic throughout the UK and beyond.

The Scottish Parliamentary Cross-party Group will play a key role in breaking down the barriers and build on discussions, so that long term policy and practice in the field of social protection and enterprise flourishes and, in turn, helps to relieve people in poverty.

The Citizen’s Income Trust’s new address is: Citizen’s Income Trust, PO Box 26586, London SE3 7WY, tel. +44 (0)20 8305 1222, fax. +44 (0)20 8305 1802.

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 4-page quarterly Journal which campaigns for publicly-created debt-free money.PROSPERITY is edited and published by Alistair McConnachie and a 4-issue subscription is available for £10 payable to PROSPERITY at 268 Bath Street, Glasgow, Scotland, UK, G2 4JR. Tel: 0141 332 2214; Fax: 0141 353 6900, Email: contactus AT ProsperityUK DOT com All back-issues are still available. The 40-page Report,Clarifying our Money Reform Proposals, launched at the 2006 Bromsgrove Conference, is available for £10 payable to PROSPERITY and is essential reading for beginners.

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] and Creating New Money: A monetary reform for the information age by Joseph Huber and James Robertson [New Economics Foundation, 2000] are all available fromPROSPERITY.

Alistair McConnachie writesProsperity, January 2001

The Wonderful Wizard of Oz by L. Frank Baum (Chicago, 1900) is a parable about Money Reform and the 1890s Midwestern political movement led by William Jennings Bryan (1860-1925); three times candidate for President of the United States (see his poster at bottom of this page). From 1891-1895 Bryan served in the House of Representatives, where he advocated the coinage of silver at a fixed ratio with gold, in order to break the bankers’ monopoly and manipulation of the gold-backed currency.

Bryan and his supporters accused Eastern banks and railroads of oppressing farmers and industrial workers. Bryan believed that a switch to silver-backed currency would make money plentiful. Although correct, Money Reformers today would argue that money need not, and should not, be backed by either silver or gold, but only by the people, their skills, and their resources.

In 1896 Bryan delivered the following words at the Democratic National Convention: "Having behind us the producing masses of this nation and the world, supported by the commercial interests, the labouring interests, and the toilers everywhere, we will answer their [i.e. the bankers’] demand for a gold standard by saying to them: ‘You shall not press down upon the brow of labor this crown of thorns; you shall not crucify mankind upon a cross of gold.’"

Although only 36 years old, this speech resulted in his nomination for the presidency. He contested, and lost to, William McKinley. He stood again for the Democrats in 1900 and 1908, losing both times.

Carroll Quigley wrote about the 1896 Presidential election in Tragedy and Hope: A History of The World in Our Time (MacMillan, 1966, p. 74): "Though the forces of high finance and of big business were in a state of near panic, by a mighty effort involving large-scale spending they were successful in electing McKinley."

L. Frank Baum was editor of a South Dakota newspaper and he wrote the first of his Oz series on Bryan’s second attempt in 1900.

Oz is short for ounce, the measure for gold and silver.

Dorothy, hailing from Kansas, represents the commoner.

The Tin Woodsman is the industrial worker, rusted as solid as the factories shut down in the 1893 depression. The Scarecrow is the farmer who apparently doesn’t have the wit to understand his situation or his political interests. The Cowardly Lionis Bryan himself; who had a loud roar but little political power.

The Good Witches represent the magical potential of the people of the North andthe South.

After vanquishing the Wicked Witch of the East (the Eastern bankers) Dorothyfrees The Munchkins (the little people). With the witch’s silver slippers (the silver standard), Dorothy sets out on the Yellow Brick Road (the gold standard) to theEmerald City (Washington), where they meet the Wizard (the President), who appears powerful, but is ultimately revealed as an illusion; the real Wizard being just a little man who pulls levers behind a curtain.

This can be interpreted in two ways: Either, the President himself is really just a little man who pulls levers to sustain an illusion of power, or, the real power of the President rests with the little men behind the curtains who pull the levers and create the illusion.

When the real Wizard is exposed, the now enlightened Scarecrow denounces him. Dorothy drowns the Wicked Witch of the West (the West Coast elite); the water being an allegory for the Midwest drought. The real Wizard flies away in a hot-air balloon, the Scarecrow is left to govern the Emerald City, the Tin Woodsmanrules the West, and the Cowardly Lion returns to the forest where he becomesKing of the Beasts after vanquishing a giant spider which was devouring the animals in the forest. Dorothy’s silver slippers were changed to ruby in the 1939 film.

By Richard Jensen
, University of Illinois — Chicago:
The following was originally from: (a link which is no longer working)

There are many variant readings of The Wizard of Oz. I see it as an election story, and read it against the amazingly intense elections of 1896 and 1900 when DemocratWilliam Jennings Bryan ran against Republican William McKinley. At that time there was a profound hope by the pro-Bryan forces (silverites) that they could create a political revolution to overthrow the evils of the reactionary industrial order — but what would the revolution be like? 1896 was a time of severe depression — much like 1932. Making silver money at the ratio of 16 ounces of silver to 1 ounce of gold was their formula. In a vastly popular pamphlet Coin’s Financial School the teenage fictional hero "Coin" argued there was lots of silver out West, but the world’s small stock of gold was controlled by wicked bankers in New York and London.

Author Frank Baum was for a while a silverite newspaper editor in South Dakota where he watched the mounting excitement. He wrote Wizard during the rematch election of 1900, and it immediately became popular. After the Wizard book Baum moved to Los Angeles and churned out a whole series of Oz books, none of which are political. He also wrote a non-Oz novel that was a parable of the progressive era. Did people at the time see the novel as political? Yes: on October 6, 1906 the cover of Harper’s Weekly magazine featured William Randolph Hearst ("Citizen Kane"), the newspaper editor who was running for governor. It depicted him as the scarecrow and the title was "The Wizard of Ooze."

The tale opens in the present in grey, deadening, drought-stricken Kansas. A sudden cyclone (silverite triumph at the polls) carries Dorothy (every-woman) into a flawed utopia — a land overflowing with milk and honey yet controlled by cruel witches.

The cyclone lands Dorothy’s house atop the Wicked Witch of the East, killing her and releasing The Munchkins from serfdom. (The money trust is deposed by Bryan’s election, freeing the common people from bondage.)

However the Wicked Witch of the West remains loose. The Good Witch of the North (the northern electorate) tells Dorothy that the Wizard of Oz may help her return to Kansas (to normality).

To reach the Emerald City she must follow the Yellow Brick Road, which can be safely traversed only with the magical silver slippers (gold and silver must be in proper parity). Dorothy is protected by an indelible kiss from the Good Witch of the North (an electoral mandate.)

On the yellow brick road, surely one of the most dangerous routes in American literature, Dorothy encounters the silverite constituents. First, the ridiculous stuffedScarecrow (the farmer), who cannot scare anyone and who fears he has no brains. Actually his behaviour shows him to be highly imaginative and responsible (so much for the ridicule of the hayseed in big-city newspapers).

The travellers then encounter a vivid symbol of the oppressed industrial worker, theTin Woodsman. The Wicked Witch of the East had cast a spell so that every time he swung his axe he chopped off part of his body. He is entirely tin now, a purely mechanical being who fears he has lost the power to love. Alone he’s helpless — he can’t oil his joints — but in teamwork he proves effective and compassionate. (The industrial workers, dehumanized by industrialization, need to become aware of their latent compassion, and co-operate in a farmer-labour coalition.)

Finally they encounter the Cowardly Lion, who does frighten people but who says he lacks the courage to do his duty. Working together the coalition fights its way to the citadel of power, the Emerald City (the national capital). The Wizard, of course, is a charlatan who tricks people into believing he wields immense power; even his Emerald City is only an optical illusion. (emerald-green paper money is likewise a delusion.)

To achieve true freedom for herself and her allies Dorothy must destroy theWicked Witch of the West — who enslaves the girl before being dissolved by a bucket of water. (The western elite, especially land barons and mortgage holders, are the remaining obstacle; rain relieves the drought and permits the farmer to assert his superior power.)

The story ends as the Good Witch of the South tells Dorothy that her silver slippers are so powerful that they can fulfil her every wish, and they carry her directly back home, quite without help from the fumbling Wizard. Alas the magic silver slippers are lost in flight when Dorothy returns to Kansas. Utopia thus is possible, with the proper coalition, with the mandate of the North and South, with the silverite panacea — in the process the forces of evil will be vanquished.

With so much election literature featuring the ratio of 16 oz of silver to 1 oz of gold, the colourful utopia just had to be called Oz.

Francis MacDonnell, "The Emerald City was the New Deal: E.Y. Harburg and The Wonderful Wizard of Oz." Journal of American Culture, Winter 1990, v.13, n.4, pp. 71-
Hugh Rockoff, "The ‘Wizard of Oz’ as a Monetary Allegory." The Journal of Political Economy. August 1990, v.98, n.4, pp. 739-
Richard Jensen, The Winning of the Midwest (Chicago: University of Chicago Press, 1971), pp. 282-3.

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 4-page quarterly Journal which campaigns for publicly-created debt-free money.PROSPERITY is edited and published by Alistair McConnachie and a 4-issue subscription is available for £10 payable to PROSPERITY at 268 Bath Street, Glasgow, Scotland, UK, G2 4JR. Tel: 0141 332 2214; Fax: 0141 353 6900, Email: contactus AT ProsperityUK DOT com All back-issues are still available. The 40-page Report,Clarifying our Money Reform Proposals, launched at the 2006 Bromsgrove Conference, is available for £10 payable to PROSPERITY and is essential reading for beginners.

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] and Creating New Money: A monetary reform for the information age by Joseph Huber and James Robertson [New Economics Foundation, 2000] are all available fromPROSPERITY.

by James Gibb StuartProsperity, September 2002

In the Coronation Oath there is a Latin phrase, Fidei Defensor, which has customarily been rendered in English as Defender of the Faith. Prince Charles has shown that the Latin is ambiguous when he chooses to translate it as Defender of Faith.

That subtle shift in interpretation should be seen as highly significant by the millions of Muslims who have chosen to remain as loyal citizens of the Commonwealth within which they and their forebears were born.

It is faith that has been enshrined, not just the Christian faith of Britain’s heritage, but in a wider sense, the devotions, moral standards and disciplined lifestyles of those other millions who look upwards and outwards to a Supreme Being.

In an increasingly secular world, dominated by malign forces that defer much less to God than to Mammon, believers of whatever creed or denomination should feel impelled, as never before, to stretch out the hand of friendship and fellowship across the oceans and the continents towards peoples of diverse races and cultures with whom the only common bond may indeed be faith itself.

Despite centuries of suspicion, strife, antagonisms and bloodshed instigated by errant followers of both great religions, the Muslim and the Christian faiths have in their more tolerant doctrines all the elements of a benign co-existence.

Today there is a new urgency for relationships to be based upon mutual appreciation and understanding, for the whole of modern society is threatened by a greedy and hedonistic philosophy which exerts its power through international capital markets, and bids to destroy governments and peoples who try to stand in its way.

When Mahathir Mohammad, Prime Minister of Malaysia, spoke out indignantly against the international speculators who had been attacking his country’s currency, threatening inflation and a collapse of living standards, he was promptly assailed by George Soros, whose chief claim to celebrity status was when he mounted a multi-million dollar speculation against the British pound. See, Prosperity, September 2001

The inference was clear – that governments and prime ministers are no longer in charge of their national affairs where such issues clash with the speculative aims and objectives of the IMM, the International Money Mafia.

There is an answer to all this – and the Muslim World should not endure its hurt and humiliation in resentful silence, for within the Christian West there is growing opposition to the irresponsible power-play that was turned against Malaysia, and is being turned against Islam, and with it comes a perception that people of faith should stand together.

How often has a Muslim thinker told me that his co-religionists are pathetically divided? How often, because of such divisions, have Western multinational companies and financiers profited from their outrageous schemes to control and manipulate Muslim resources? To what extent can it be said that the critical factor which is currently holding the debt and usury-driven finance system in place is the compliance – either through fear or ignorance – of Arab and other Muslim-orientated governments?

For sure, a military threat exists. The terrible firepower which was brought to bear against Iraq, and which is being threatened again, showed that what has come to be known as the military-industrial power complex will not readily be countered by military means alone.

Those who express their resentment by guerrilla tactics of urban terror, by attacks upon Western installations and even upon civilian populations, are pursuing courses which must in the end prove counter-productive, making it easy for the propaganda machines to create fear and animosity between nations and cultures, thus laying the groundwork, should the global interests which are fast taking over the planet, decide the time is ripe for another war.

I have argued before in my writings that after the rapprochement of the main European powers within the proposed EU, followed by the collapse and subsequent dismemberment of the Soviet Empire, the warmongers who profit from international conflict may just be running short of traditional adversaries.

An armed and largely disaffected Islam, smarting from its rebuffs and humiliations at the hands of a technologically superior West, might just be persuaded to create a situation in which it could be portrayed by skilful and inflammatory propaganda as "the last enemy of civilisation". This seems to be happening now.

If that sombre hypothesis is even a remote possibility, then Muslims must talk to Christians with mutual respect and frankness, so that there can never be a 21st century re-run of the mediaeval crusades.

And the ground upon which they can unite their faiths and their principles is an enlightened understanding of the finance-driven global power structure which threatens to impose economic enslavement on Christian and Muslim alike.

Its most potent weapon is debt, the creation of an international climate in which it was once seen to be modern and progressive for the technically backward nations to borrow heavily from Western bankers, allegedly to provide finance for their infrastructures, develop their resources and improve the living standards of their peoples.

Generally the results have been the opposite of what was intended. They have left many of those developing economies crippled with the requirements of the loan payments.

Governments have lost their freedom of action and sense of independence. They have adjusted their policies so as to make the bankers’ dues a first charge upon their national revenues, and their peoples have suffered in consequence.

Even as observant Muslims, they have become the servants and dependants of their lenders. The Holy Quran tells them it is wrong, yet for years they have done it, and gone on doing it, because they felt there was no alternative if they wanted to share the benefits of Western technology.

By now they should know better. Western technology is real. It has been acquired and consolidated by two centuries of industrial and scientific development. But it has been welded into an instrument of domination and coercion by the very financial stratagem that both Christ and Muhammad condemned, yet which so many of their errant followers have accepted as the Holy Writ.

The illegitimate creation of almost all our new money as an interest-bearing debt by the Western banking system! The virtual enslavement of entire populations by the enactment of massive dollar loans! The misery, poverty and degradation that has ensued!

These are matters of common concern to peoples of all races and cultures. So let Christian and Muslim speak of them together. For there truly is an answer – one of which both the Holy Prophets would mightily approve.

Napoleon and Islam, translated from the original French by James Gibb Stuart is available for £12 payable to Ossian at 268 Bath Street, Glasgow, G2 4JR.

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 4-page quarterly Journal which campaigns for publicly-created debt-free money.PROSPERITY is edited and published by Alistair McConnachie and a 4-issue subscription is available for £10 payable to PROSPERITY at 268 Bath Street, Glasgow, Scotland, UK, G2 4JR. Tel: 0141 332 2214; Fax: 0141 353 6900, Email: contactus AT ProsperityUK DOT com All back-issues are still available. The 40-page Report,Clarifying our Money Reform Proposals, launched at the 2006 Bromsgrove Conference, is available for £10 payable to PROSPERITY and is essential reading for beginners.

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] and Creating New Money: A monetary reform for the information age by Joseph Huber and James Robertson [New Economics Foundation, 2000] are all available fromPROSPERITY.

by Richard GreavesProsperity, January 2005

There is no great mystery today surrounding the Bank of England — its annual report, which anyone can obtain, contains full sets of accounts and is quite clear and explicit about its composition and functions which, incidentally, have changed substantially since its formation back in 1694.

In its early days it lent to British overseas enterprises such as the East India Company and the Hudson’s Bay Company — as well as slave traders, all of which brought in big profits to both the bank and the entrepreneurs concerned.

As the government’s banker it also profited by lending to government to finance a series of costly wars during the eighteenth century.

National debt increased dramatically as a result, and taxation went up to pay the interest.

However by the mid-nineteenth century, as well as being the government’s sole banker, the Bank of England had become the bankers’ bank. It only made loans to government and to commercial banks. It held the nation’s gold reserves and regulated the flow of money in the form of the bank notes — still theoretically redeemable for gold at this time.

Today, operating as it does as the bankers’ bank, it is to the commercial banks (ie the High Street banks) what the commercial banks are to the public.

Just as we may deposit money with commercial banks, so commercial banks in turn keep deposits with the Bank of England. The amount of cash that a commercial bank can buy up from the Bank of England to meet its customers’ cash withdrawals is limited to the amount of deposits it has in its account at the Bank of England and/or what it can borrow from the Bank of England or from other banks.

Commercial banks borrow from the Bank of England in exactly the same way that individuals and businesses borrow from commercial banks.

Nationalising the Bank of England in 1946, which might seem at first sight to be a far reaching measure, made little difference in practice.

Yet, the state did acquire all the shares in the Bank of England — they now belong to the Treasury and are held in trust by the Treasury Solicitor.

However, the government had no money to pay for the shares, so instead of receiving money for their shares, the shareholders were issued with government stocks. Although the state now received the operating profits of the bank, this was offset by the fact that the government now had to pay interest on the new stocks it had issued to pay for the shares.

However, it is much more significant to note that whilst the Bank of England is now state-owned the fact is that our money supply is once again almost entirely in private hands, with 97% of it being in the form of interest bearing loans of one sort or another, created by private commercial banks.

Indeed this is now where the real power resides — with commercial banking.

The Bank of England is now essentially a regulatory body that supports and oversees the existing system. It is sometimes referred to as "the lender of last resort" in so far as one of its functions as the bankers’ bank is to support any bank or financial institution that gets into difficulties and suffers a run on its liquid assets. In these circumstances, it is not obliged to disclose details of any such measures, the reason being so as to avoid a crisis in confidence — confidence being something on which the current system is very dependant.

However beyond that, it is no longer a major player in the lending/money creation market. Its annual accounts reveal that its loans and profits are only a fraction of those of a major commercial bank such as Barclays, and it only holds a very small amount of government stocks, so it is no longer really lending to government either — that function has largely passed to the merchant banks.

Most of its profits come from what is known as the "issue department" — the department of the bank which is responsible for printing and distributing bank notes and coins. These are purchased by the high street banks to meet their customers’ demands for cash and the various banks have their accounts at the Bank of England debited accordingly. Basically, the profits from this operation belong to the state and are transferred to the Treasury, thus being added to the public purse.

Nevertheless, although owned by the state, the bank is largely controlled and run by those from the world of commercial banking and conventional economics. The members of the Court of Directors, who set policy and oversee its functions, are drawn almost entirely from the world of banks, insurance, economists and big business.

On the other hand, the responsibility for setting interest rates and controlling money supply has always remained with bankers and economists through the Monetary Policy Committee headed by the Governor and the two Deputy Governors.

The day to day management and running of the bank is in the hands of a team of professional managers headed by the Governor, the Deputy Governors and four Executive Directors.

From 1946 to 1997 many decisions, especially those relating to interest rates, were made jointly by the Treasury and the Bank, but of course Treasury officials and the Chancellor of the Exchequer and other treasury ministers frequently have close ties with the world of commercial banking. Since May 1997, the Bank’s Monetary Policy Committee has had exclusive control over setting interest rates — although it still takes into account government inflation targets in reaching its decisions.

It can be noted that the formal removal of the Treasury from this decision making process was an essential step prior to incorporating the Bank of England into the European System of Central Banks under the control of the European Central Bank — which is what would happen should Britain enter Economic and Monetary Union and replace the Pound with the Euro.

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 4-page quarterly Journal which campaigns for publicly-created debt-free money.PROSPERITY is edited and published by Alistair McConnachie and a 4-issue subscription is available for £10 payable to PROSPERITY at 268 Bath Street, Glasgow, Scotland, UK, G2 4JR. Tel: 0141 332 2214; Fax: 0141 353 6900, Email: contactus AT ProsperityUK DOT com All back-issues are still available. The 40-page Report,Clarifying our Money Reform Proposals, launched at the 2006 Bromsgrove Conference, is available for £10 payable to PROSPERITY and is essential reading for beginners.

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] and Creating New Money: A monetary reform for the information age by Joseph Huber and James Robertson [New Economics Foundation, 2000] are all available fromPROSPERITY.

by Alistair McConnachie and James Gibb StuartProsperity, December 2003

"The Gold Standard" means that there is a rigid relationship between a country’s gold reserves and its money supply and that gold is the only means of international payment.

So when people talk about "the gold standard" they are talking about it in two areas:
1) gold as the backing for the national money supply,
2) gold as an international trading currency.

Let us address both these areas.

First some history: The gold standard was widely established until 1914, but it was not completely abandoned until 1933.

Right up until the gold standard ended in 1933 there was a theoretical belief — some would say, a pretence — that a nation’s paper-money was "backed by gold" and could be exchanged for gold, but few really accepted it was possible in practice.

The reality was that during this time, and ever since, countries of the world were essentially running "fiat" currencies — that is, currencies not backed by gold.

However, under the gold standard every transaction between countries had to be settled in gold.

Imbalances of goods and services were equated by a realignment of gold reserves, with the debtor nation relinquishing, and the creditor nation receiving.

Consequently, nations which ran persistent imbalances faced the threat of losing all their gold reserves, and thereby losing both credit and credibility in the eyes of their trading partners.

That was the essential principle of the gold standard, and was standard practice until the Genoa Conference of 1922, which aimed to increase liquidity by allowing central banks to hold part of their reserves in foreign currencies such as sterling or dollars. This was known as the "gold exchange" system.

The "gold exchange" system meant that a country could settle its international debts in gold, or they could be settled in paper — currencies and Treasury Bonds.

In this sense, gold was still kept in the rear as a discipline to fall back on. By permitting a measure of "gold exchange", (or substitution for gold) it lubricated the functioning of the international monetary system.

Winston Churchill put the UK back on the gold standard in 1925. This is widely regarded as a disaster however, since trade plummeted because countries which wanted to buy from the UK, just didn’t have the gold to do so. Britain came back off the gold standard in 1931 and went back to the "gold exchange" system.

The "gold exchange" system ended in 1971 when President Richard Nixon "closed the gold window" — which is to say the USA no longer agreed to settle its international trading balances in gold at all but only in bonds or paper currencies, none of which had any backing beyond the credibility of the Authority which guaranteed their issuance.

President Nixon closed the gold window because General de Gaulle was demanding that the debts owed to France by the USA, were paid in gold under the terms of the "gold exchange" system and the fact was that the USA simply didn’t have the amount of gold required.

Today, a nation’s money supply is not backed by gold, and international exchanges are not settled in gold, but in paper — often the US dollar.

So should we have a "gold standard" again, and have our national money supply backed by a quantity of gold?

Gold is a currency which can be convenient since it’s acceptable everywhere and probably always will be, because it has an "intrinsic value". However, it should be noted that this "intrinsic value" only exists to the extent that everyone accepts it world-wide as "valuable" — as they do also with other precious metals and stones.

Consequently, some people will say that "fiat" money — that is, the sort of money we have today, which is not backed by any commodity, such as gold — is "intrinsically worthless" whereas, they argue, gold is "intrinsically valuable".

They will say that paper currencies are inherently inflationary because "they are not backed by anything" and so there is no restriction — no discipline — upon the government and the banks in creating the money, as there would be if the money supply was based against a given quantity of gold, valued at a certain sum.

You can follow the logic, but it’s not practical.

It is natural to look to gold for some kind of stability. Gold has acted as a store of value since the beginnings of civilised society.

However, in modern times no-one has operated on 100% gold-backing, which is only common sense, since often the real intrinsic worth of a community grows to exceed the recognised bullion value, and there can be needless poverty and depression in consequence.

A money supply equated to the amount of gold you have in the vaults would constrain economic activity.

It could lead to the horror situation where all economic activity was stopped because there was no gold to back the additional currency needed!

A money supply which depends upon 100% gold-backing would be a mistake because it would create a depression when there was not enough gold around.

A gold-backed money supply would be too stable — in the sense that it would simply paralyse economic activity.

The route to economic success and stability is complex. It seems to depend on leadership, political and economic competence, national temperament and so on.

For example, the Spanish kingdom was drooling in the gold of the Incas but economic mismanagement, extravagant royal ventures and careless misuse of national resources destroyed the substance, and Spain got its depression, inflation and economic woes, despite the gold-backed currency.

So what matters in the end is the proper utilisation of real resources, and their application to national needs and requirements.

Wealth comes from tapping into a country’s greatest intrinsic resource — its people — and from the production of goods and services. It does not come from, nor does it depend upon, the quantity of yellow metal which happens to be sitting in the bank vaults!

History tells us that gold-backing for a currency does not exempt the economy from depression, economic downturn and inflation and that there is nothing intrinsically wrong or "inflationary" about a fiat currency — what matters is that it is managed properly.

Some say that fiat currencies can be "manipulated", but gold can be manipulated too.

The price of gold on the market varies according to supply and demand. The supply can be manipulated by…surprise, surprise…the people who mine the gold in the first place! The market can be flooded with gold, or it can be held back, or it can be illegally traded.

A world "gold standard" would give more power to the gold barons who could manipulate the supply, and consequently the price. Another example of immense power, concentrated, with no democratic control.

In addition, the price of gold can be manipulated by various speculative instruments.

Is America to go on sucking in the raw materials and resources of a poverty-stricken Third World, paying for them by writing Treasury securities, or printing more and more US dollar bills? (See Prosperity Nov 2003)

Is there never to be a day of reckoning when like will be compared with like in terms of goods and services, and chancellors will once again steer their economies towards an approximate balance in their trade with other nations? Is the super-abundance of good things always to be at the disposal of the financially powerful?

Is eternal grinding poverty to be the lot of hapless millions who have an equal right to peace and plenty on this bounteous Earth?

The USA is the world’s biggest debtor nation, but she is also its only super-power. So long as her creditors are willing to go on accepting payment in bonds and paper money, that state of affairs will continue.

But will there be an end to it?

Some commentators are forecasting a period of disillusionment when the dollar will crash, and international traders will look desperately around for another yardstick.

Prime ministers and chancellors of Third World nations have stared into the abyss, and realised that a system dominated by the Almighty Dollar puts them in permanent bondage.

So what’s in this for the modern Money Reformer, whose main concern is to see that what is socially desirable, and physically possible, should also be made financially possible?

There is nothing to prevent representative government from creating its own currency domestically, and issuing it debt-free to promote beneficial social and economic activity within its own borders.

That has been the privilege of free peoples throughout the ages, and has more to do with their domestic social and political structures than with international trade.

As for international trade: Could gold be used again as an international trading currency to bring a measure of stability and trade justice? It’s difficult to see how.

The US deficit, for example, is quite beyond the ability of the USA to settle in gold. That was the case in 1971 and is considerably more so now!

However, nations should first look at what they can do in their own particular circumstances. In Prosperity September 2001, we suggested five broad policies.

These are: Stopping the haemorrhage of national reserves by means of exchange controls; reversing the liberalisation of financial markets; rejecting the privatisation of public assets; avoiding foreign loans or further borrowing; and steadfastly maintaining social programmes, with government created debt-free money.

For international trading arrangements it may be worth considering the idea of a neutral international trading currency such as Keynes’ "Bancor" as well asstabilising national currencies by aligning them according to the value of abasket of commodities. On the latter, see also the appendix to the paperback edition of The Money Bomb available for £5 payable to Prosperity, address below.

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 4-page quarterly Journal which campaigns for publicly-created debt-free money.PROSPERITY is edited and published by Alistair McConnachie and a 4-issue subscription is available for £10 payable to PROSPERITY at 268 Bath Street, Glasgow, Scotland, UK, G2 4JR. Tel: 0141 332 2214; Fax: 0141 353 6900, Email: contactus AT ProsperityUK DOT com All back-issues are still available. The 40-page Report,Clarifying our Money Reform Proposals, launched at the 2006 Bromsgrove Conference, is available for £10 payable to PROSPERITY and is essential reading for beginners.

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] and Creating New Money: A monetary reform for the information age by Joseph Huber and James Robertson [New Economics Foundation, 2000] are all available fromPROSPERITY.

by David J. WestonProsperity, May 2000

Money is a marvellous invention, enabling people to exchange their labour and energy with others. When used with wisdom, it can enhance a community; used foolishly, it can destroy a community.

Currencies reflect exchanges at different levels of society, and depending on how the currency is designed and used, can enhance or destroy value. Some are centralised; others decentralised.

What effect do centralised and decentralised currencies have on economies?A great deal; for currencies act as feedback loops to the area they serve, monitoring where energy is needed. Centralised currencies extract value out of hinterland communities into centralised banking systems in the metropolitan cities. Allow a pound to be extracted out of your community, and that is one less pound that someone in your community could have spent in your community. It could be called the ‘divider effect’. Centralised currencies usually benefit elites in elite places. Decentralised currencies give direct feedback, generating and regenerating local economic activity. A decentralised or local currency will stay in a community creating the ‘multiplier effect’ whereby the local currency circulates and recirculates value. A local currency benefits local people.

What lessons are to be learned from that analysis in terms of the situation in Britain today? The English (rather than British) pound holds sway on these islands, with the exception of Eire, which has its own Irish pound, the ‘punt’, which floats against the pound (but not the Euro). What would happen if a community or series of communities, say within Wales, were to create a Cymru punt for tourists to buy at a discount with their English pounds? From the writings of Jane Jacobs we learn that the lower value of the regional/local currency would encourage exports, and because imports would be more expensive, would increase import replacement, leading to generation and regeneration of local industries, and of Lexports exports of locally created products and services. The Cymru punt would activate the ‘multiplier effect’ leading to a revitalised Welsh economy.

Can such a currency be created by a municipality?

Yes, any community in Wales, or even better a consortium of municipalities, could resolve to create legal tokens to sell to tourists to enable those tourists to buy punt funded, locally produced, goods and services.

Depending on the commodity, some businesses might even sell goods imported into Wales from the pound economy. The implications are significant, and exciting. Such a model could inspire more.

But the fear of those who control the centralised money system is financial insubordination and independence, and they will attempt to undermine our creative instincts. But that should not inhibit us, for the history of mankind is the history of the struggle between centralist and decentralist forces. Paradoxically the centralised state put up the research money which created the decentralised Internet by which we can disseminate decentralised ideas. If we can implement these ideas we will all gain. It will truly be a ‘win-win’ game.


Throughout history, whomever has controlled currency has determined sovereignty, where ‘sovereignty’ simply means the ability of a community to make decisions at the appropriate level, in the interest of its citizens.

Where the currency that circulates within a community is an external one, there is an inevitable leakage of value and energy. Thus the pound sterling, controlled by the Bank of England, currently determines the economic fate of the countries of the UK. In Scotland, the distinctive notes issued by the Scottish private banks are tied to the pound sterling. When the Bank of England sneezes, Scotland gets a cold….

Where the currency that circulates within a community is an internal one, there is a retention of value and energy, and a constant renewal of that economy.

So, how do we create and retain local and community self-reliance? And how do we stop the haemorrhaging of wealth from our community?

It is important to first analyse the way the leakage has been, and is, happening, and thereby devise means of stopping it. Understanding the role and flow of money is key, as ‘money’ is the energy symbol which represents the three factors of production of labour, capital and natural resources and what happens to them.

Essential to regaining control of the local and regional economy is control of both its cheque book and its currency. In Worgl, Austria, during the height of the last acknowledged Depression in the late 1920s, early 1930s, the town solved its unemployment within six months, and became a prosperous community within one year. It did so by creating its own community currency and spending it into existence.

With the Worgl schillings, workers were able to buy food, local farmers able to sell their crops, materials were bought and all were able to pay their local rates and taxes in Worgl schillings. The experiment caught the imagination of 200 Austrian mayors who wished to emulate it, and regenerate their own local economies. But the experiment also caught the attention of the Austrian National Bank which felt threatened by this example of financial insubordination and independence, and through the Austrian Supreme Court had the enterprise closed down.

This should not discourage us from creating a similar enterprise. Jane Jacobs, in herCities and the Wealth of Nations (especially Chapter 11) highlights the effectiveness and efficiency of city currencies.


Is there a way that everyone can benefit: both local producers and inhabitants, and those from outside a community? Yes! Here is a proposal to stop the escape of locally created energy value, of which money is a key expression, and to enable the revival of local and regional economies by way of Lexports through the creation of a local/regional enterprise currency.

We propose that since tourism is an export, it should be used as the initial basis of creating the local/regional currency which will eventually become self-reliant. In order to have a distinctive unit of account, and to be able to distinguish between the English ‘pound’ and the local/regional currency, we propose to use ‘punt’, the Welsh word for ‘pound’, preceded by the name of the region concerned ie. Cymru/Welsh Tourist Punt.

Exporting via tourism, especially if it is ecologically appropriate, would seem to be a sensible activity. It has the advantage that the ‘products’ the scenery, the local culture, history, friendly people etc, and the services are all renewable and sustainable.

So, how to encourage ecological tourism using a local/regional tourist currency?


First, a local municipality needs to make the policy decision to create a locally validated, and locally valid, currency. This is not difficult, for creating symbols of value, other than the pound, is common practice air miles, supermarket tokens, green stamps, petrol stamps, barter cards, time pounds, local authority repair chits, and others, like the Swiss Wir. Many of these are created in addition to pounds, whereas the regional and local ‘Cymru tourist punts’ (CTPs) because they are exchanged for pounds, would be ‘instead of’, and therefore more valid and legitimate than those above. The exception is the local authority repair chit whereby some council tenants receive two kinds of chits. One for the materials; the other for the labour by which the tenants can either do the work themselves, or give to a neighbour to do. These chits represent a tradable local legal currency and highlight that councils can decide politically to create tradeable chits even now.

Although this decision can be taken by a municipality, it may be better taken by a consortium of municipalities. If it can be taken in conjunction with, in this case, the Welsh Assembly, so much the better, but its not essential. While we envisage denominations of 1, 2, 5, 10, and perhaps 20 punts, we might also consider local/regional ‘smart cards’ or even ‘tally sticks’ for transactions larger than 20 punts.


Secondly, because currency can reflect the culture, particularly for the tourists, consideration should be given to creating truly beautiful local/regional notes as well as coins all designed by local crafts people. Each interested municipality could hold a competition for a local currency design which reflects that locality. Also, a design is needed which reflects the larger region eg. Cymru/Wales. For example, the local side of the currency could have the picture of a famous local person, or local scenery. The other side could have a map of Cymru/Wales, a dragon, a flag, and any other symbols reflecting the country’s attributes including its language. This may encourage tourists to take them away as souvenirs an export.


Thirdly, it is proposed that the Cymru tourist punt be sold to tourists at a discount determined by the local council and/or the Welsh Assembly; perhaps an experimental 5% to begin. A tourist would receive 1.05 punts for one pound sterling. The figure could be higher but should be determined only by elected, and therefore accountable, officials, and not by ‘the market’ which is unaccountable.

It is recommended that the currency be sold through public outlets such as Tourist Information Centres, local Post Offices and local council offices. Consideration should also be given to the establishment of other public outlets, like the Treasury Branch outlets set up in the 1930s in Alberta, Canada, which exist efficiently and effectively to this day. Further and this is also essential the Cymru punt should never be allowed to be speculated on, in any money market. If it did, it would be sucked dry of its value, and all the effort of many years could evaporate within days.


Fourthly, local businesses would be urged to accept these ‘Cymru tourist punts’. Those businesses that agree to sell goods imported and paid for with pounds sterling will effectively be giving tourists a 5% (or whatever is the rate) discount. But it also means that they will get that tourist business. The tourists would be able to buy goods in shops and businesses for a literal 5% discount, by simply using their Cymru tourist punts. Businesses would indicate for which items and services they would accept CTPs.

At the end of a day any traders, should they wish, could trade in their punts for pounds at a discount of a couple of per cents higher than the discounted figure, as a handling fee. But this may be unnecessary, as shown in the following….


Fifthly and this is key as this currency begins to circulate, it will increase the possibility of businesses being able to pay their staff partial wages in Cymru punts. That may at first sound like a cut of 5% in wages. However, as the momentum gathers and the circulation increases then local producers like farmers, horticulturalists, bakers, cheese makers, beer and cider makers, apiarists, wood craftsmen, potters, glass blowers, and other local manufacturers will likely, as in Worgl, begin to trade between each other in CTPs. Therefore, workers will be able to buy those local and regional products at the same price as before, because they are using punts. Within Wales, therefore, it would be a level playing field. Further, locals may decide to exchange sterling pounds for Welsh punts and be able to gain from the discount. Businesses which do accept the ‘Cymru tourist punts’ are giving a 5% discount to the tourists, but that is for those products which are ‘imported’ with sterling pounds; but for goods and services produced within Wales in punts, traders will not be giving any discount at all. The tourists will still be getting a good deal. Everybody wins!

So, commodities produced within the region such as beer, bread, meat, could be traded in the local currency for local consumption. It also means that these commodities are now beginning to be produced at 5% cheaper than using the sterling pound. That means that Lexports of these local products will increase, bringing more prosperity to Wales.


Currency determines sovereignty, where ‘sovereignty’ simply means the right of citizens to make their own decisions about the rules which daily affect us all.

This is why, if the Canadian Parliament as they are being urged to do by the American government accepts the US dollar as its currency and the privately-owned Federal Reserve Bank as its central bank, Canadians will immediately lose their sovereignty. Likewise, if the British parliament accepts the Euro as its currency, Britons will lose their sovereignty to a non-democratic, non-accountable central bank.

Likewise, if the countries in Britain continue to accept the English pound sterling as their currency, they will be denied the ability to make decisions at the appropriate level. A community losing its sovereignty is like signing all its blank cheques and then giving them away! As individuals we wouldn’t do that, nor should we as a community.

Let cities, regions and countries create their own currency which reflect their own culture and their own economic destiny, based on the principle that decisions made and actions taken should be at the most local level possible, with decisions made and actions taken at more centralised levels only as appropriate.

Let Wales invite tourists to exchange their sterling for the Cymru tourist punt at a discount which will be mutually beneficial. They will be able to buy goods within Wales cheaper than using sterling. Through the ownership and control of their money the Welsh, in turn, will be encouraged to make and buy local products. This will boost their economy, and their exports, and provide local employment for local workers. This really is a ‘win-win’ situation.

Copyright © David J. Weston, May 2000