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TAXING THE PROFITS OF CREDIT CREATION

EDM (Early Day Motion) 1449A2: tabled on 20 May 2008

Tabled in the 2007-08 session.

This motion has been signed by 2 Members. It is an amendment to an existing motion.

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

This is an amendment to an existing motion

This motion was originally tabled by Mr Austin Mitchell on 29 April 2008. This is amendment number 2.

View details of the original motion

Suggested amendment

leave out `building societies'.

Original motion text

That this House considers that in the light of the nationalisation of one failing buiding society, the help given to markets by the Bank of England's boost to interbank liquidity and the huge benefit given to the financial sector by the Bank's proposal to take on up to £50 billion of unsaleable special purpose vehicles of bundled debt to help the banks, building societies and lending institutions escape the consequences of their own follies is disproportionate, and should be now balanced by ensuring that the financial institutions which have benefited so substantially from the effective privatisation of the great bulk of credit creation by their power to create money via credit cards, bank accounts, mortgages, loans, special purpose vehicles and other financial instruments thus ensuring that the seigniorage on money creation which once came to the people on public credit created by the minting and printing of money, now goes into bank profits are taxed on the credit they create to compensate the taxpayer for the fact that the 97 per cent. of credit creation arrogated by the private sector to use and abuse for its own profit and purposes, rather than the benefit of the public, has been so badly misused and has led to yet another financial crisis of the type financial flesh is all too frequently heir to.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.

There are no withdrawn signatures for this amendment.