PRESS STATEMENT MOVEMENT FOR MONETARY JUSTICE ON WUHAN VIRUS STIMULUS PACKAGE

MOVEMENT FOR MONETARY JUSTICE /GERAKAN KEADILAN MONETARI

PRESS STATEMENT

Date : April 14 2020

In stark contrast to the commendable approach of Bank of England leaning towards Sovereign Money solution to solve the UK’s Wuhan Virus stimulus package; the World Bank in typical international gangster talk have just advised Malaysia to either take on more debt, cut down on education aid, or sell Petronas or similar. This time they did not even hide their base intentions. Of course they did not actually say Petronas, but we know what they mean.

For how long is the world going to be trapped in this financial madness. A government has the ability to print money at will. If it is directed at the real sector it will hardly create any inflation. Goods and services will appear, to absorb the temporary existence of extra money. And if we are concerned that a rogue government of the day will misuse this right to print money for its own partisan benefits, every single member of the International Movement for Monetary Reform has suggested the Nation’s money creator, which could be called the National Monetary Committee, be placed under Parliament or similar Legislative House.

It amazes us no end why a nation’s government who can print money itself, need to hand that right to private bankers while it issues IOUs to get some of the money the banks printed. The money that the banks printed belongs to the banks anyway, as they came into existence as loans given out by the banks.

The government has the right to print money on its own, without any interest costs, but it prefers to obtain money via debt to someone and paying the lender interest. Isn’t that illogical?!

It is the government’s legal right to print money. Under a voodoo spell in days gone by, the government gave up that right, and now today when it needs money most to help the people, it goes back to the people it has so generously gave up the right to print money, and say cap in hand, “ Please sir, can you print me some money, and its ok I will pay interest on it?!”

Nations forgot this strange legacy, they inherited from the past, arose from the quirk of history, when shareholders of a privately owned central bank, wrote rules to benefit themselves, who are also owners of the banks, the central bank purported to supervise. (Jekyll Island and the Creation of the Federal Reserve)

As the world never questioned this fraudulent anomaly, it became an entrenched part of a nation’s monetary and financial system, and those who question it are looked upon as terrorists of the highest order.

In Malaysia, our government can print it’s own money, to fund the Wuhan Virus stimulus package. Without paying interest to the private bankers, without cutting education expenditure, and most certainly without selling Petronas.

Every year banks make a total profit of about RM35 billion per annum. If that money belongs to the government, there is a lot of money to pay for the Wuhan Virus package.  With this much money available to the government every year, it will not be a surprise, if we can provide free education until university, abolish income tax, and provide basic income to the poor.

And a proper reform of the monetary and banking system, can result in elimination of inflation, plummeting down of house prices, narrowing of the poverty gap, increased economic output via a well funded SME sector, and removal of youth and graduates unemployment.

That is the prize we lose if we don’t try; and taking the RM35 billion per annum total annual profits for banks, if we just take half of this and calculate the amount we lost from 1957; the amount which could have been used to fund the poor and the economic development of this country is just over RM1.1 trillion.

Movement for Monetary Justice

Secretariat,

Kuala Lumpur

Email : monetaryjustice@gmail.com  

Website : www.mmj.my

https://www.thestar.com.my/business/business-news/2020/04/10/three-ways-for-malaysia-to-finance-stimulus
https://www.theguardian.com/business/2020/apr/12/rishi-sunak-dilemma-over-how-to-pay-for-his-coronavirus-spending?fbclid=IwAR0ClEP2melx-SSmibm9v-x4wBx19gZ5yTdbMfeJ-cy1xab4JLz1q8sXKKE

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