You want banks to change the way of doing business? Do you want to see the bankers squirm? Then read on.
But first a question. Who owns the money yourself or maybe your employer has deposited into bank account? The answer is Yes! Under settled case-law that dates back to 1811 (Carr v. Carr, Devaynes v noble and v Foley Hill) the money deposited with a bank belongs to the Bank to do with as they wish. As soon as I have the money and have to give back when you ask.
Then amazingly gives them the power to create money lending and investing that I must to depositors. Just search for ‘ banking ‘ fractional reserve learn more. The danger is that if all depositors get up to ask for their money at the Bank could not honor commitments and would collapse. A classic run on the Bank, something terror all bankers. Also leads to these constant arms and busts that nobody seems to be able to stop. Stadiums where the only winners seem to be the bankers.
But two gentlemen, Douglas Carswell and Steve Baker, presented a Bill to Parliament under the rule of 10 minutes (standing order No 23) to radically change the face of the banking system, forcing banks to offer accounts where you, the applicant, that money by law. Because banks cannot use without your explicit consent. This is something to be supported.
That will reduce the amount of money that banks can use to reinvest their dodgy sometimes financial instruments for short-term gain and bonuses. You can hear the bankers begin to grow nervous? Can you imagine the wailing and gnashing of teeth if this Bill called Bill of financial services (regulation of deposits and loans) is made into law?
Back to reality. A bill of 10 minute rule is typically used to test the opinion and very rarely makes it onto the statute books … unless of course supports the majority of parliamentarians.
To get to the law the Bill must pass through several stages:
First reading. (Done).
Second reading. (19 November).
Passed to the House of Lords to pass through a similar procedure.
That gives plenty of scope to lobby wavering MPs and bankers.
Although you can do your bit. A simple letter to your MP asking them to support this Bill or an explanation of why they can’t or won’t support.
Once the wind of the will of the voters is behind their lawmakers will have little choice but to vote in favour.
It is useful to join pressure groups and write for print etc, but will not vote on these matters. Is your MP that does. So your vista make known to him. Don’t let this one chance in a lifetime pass. Be sure to be polite, put your full name and address on it and state that you wish to support this Bill at each stage. Please use your words, letters on models generally do not carry the same weight.
But there is no doubt that the banks will put many obstacles in the way. They argue that expenses for holding money (electronic) of peoples will be prohibitive, they say it won’t work unless it does every bank in the world, wriggle and squirm every time and try to water down the Bill until it makes sense.
Those two Conservative MPs (Yes, it takes two conservatives to stand up to the banks) have had their. Even if it captures the imagination and support of the public is going to be a very uphill fight indeed. They need your support every step of the way. Become a creator of change forcing your MP to this new law.
And someone should doubt the ability of Douglas Carswell back a cause to the end, remember that he was the one who introduced the motion of no confidence in speaker Michael Martin then in May 2009.
When talking about considering whether to be bothered to write or don’t look at how many members are in the room while Douglas Carswell and leave. Also remember that we set a sentence, “never in the field of human Bank has so much, been taken by so many, to so few”.