The Bradbury Pound and a road economic recovery: Why don’t MPs want to talk about it? A letter to Commons Speaker Lindsay Hoyle
Dear Sir Lindsay,
A note of slight levity before the very serious content of this email.
I see that we are both optimists and ‘enjoy’ supporting the destiny of Bolton Wanderers – at least they finally won the other weekend against Harrogate! My late grandfather, Gilbert Caffrey, as his employer successfully encouraged Nat Lofthouse to go and do his trials down at Burnden Park. Let’s just hope that this once very successful club can find what it needs to restore its proper place in the top tier of English football.
I’m actually writing to you for your advice as to what we should do next concerning a problem we’re having with a group of MPs who are refusing to respond to us and who are clearly reluctant to go public on a simple and completely proven but hidden aspect of British history. An aspect which, if restored again today, would ensure that the entire British economy would survive completely intact from the economic turbulence being caused by the Coronavirus pandemic. Please let me explain in more detail as to how we’ve arrived at this apparent impasse with some of your MPs.
My late uncle by marriage was Sir Harry, later The Lord Pilkington of St Helens. In 1954, he attended the first ever Bilderberg Group meeting that was actually held at the Hotel Bilderberg in Holland. A year later he was appointed as a Director of the Bank of England, a position he held until 1972. Before his death in 1983, he had opened up to me more than once about the unhealthy influence that the financial City of London actually has over our political class and the decision-making done in Parliament.
Being one of the original Ecology Party activists and latterly a Common Law constitutional campaigner, I heeded what he had said but if I’m honest I hadn’t really connected the dots properly until one Autumnal evening in September 2012 when the phone rang. It was an anonymous call from someone claiming to be the son of another Director of the Bank of England who, to quote the caller, was “not long for this world”. He went on to tell me that his very elderly father had known my uncle and had been a friend of his at the Bank of England. His father apparently was now desperate that I should know about the ‘Bradbury Pound’ and that once I had researched it, I would realise that it was “the solution to end all of Britain’s economic woes”. I tried to find out who this chap was but the number was withheld and to this day I’m none the wiser.
However, this strange episode triggered a whole lot of new research for me which completely changed the way I now look at things as regards politics and economics. Despite there being hardly anything about the ‘Bradbury Pound’ on the internet in 2012, I eventually came across some real nuggets of information that were truly fascinating and it opened up a completely new vista about money creation and money supply and the true relationship between the Bank of England and HM Treasury.
Now, I’m freely admitting to you that I am not an economist. Actually, I get great amusement from that old joke/observation that God created Economists to make Astrologers look good! However, the key nugget that I eventually came across was this:
https://archive.sustecweb.co.uk/past/sus...rs_and.htm.
This is an extract from a very little known book called
The Financiers and the Nationwritten by the Rt. Hon. Thomas Johnston MP in 1934. He was a Scottish Labour MP and a Privy Councillor but is best known as the father of Scottish hydroelectricity. From what I can see, he didn’t have any political enemies and during Churchill’s wartime government he was the Secretary of State for Scotland.
What he had to say about the actions taken by HM Government to prevent a complete collapse of the economy at the outbreak of the Great War can hardly be found anywhere else. To confirm what he wrote, I have actually read Hansard for the debate on the
Currency and Bank Notes Act, 1914 where the Government and Parliament agreed to create emergency debt-free and interest-free Treasury money that was based firmly and solely on the wealth and credit of the British nation.
Thomas Johnston described it thus:
“Private enterprise banking thus being on the verge of collapse, the Government (Mr. Lloyd George at the time was Chancellor of the Exchequer) hurriedly declared a moratorium, i.e. it authorized the banks not to pay out (which in any event the banks could not do), and it extended the August Bank Holiday for another three days. During these three or four days when the banks and stock exchanges were closed, the bankers held anxious negotiation with the Chancellor of the Exchequer. And one of them has placed upon record the fact that ‘he (Mr. George) did everything that we asked him to do.’ When the banks reopened, the public discovered that, instead of getting their money back in gold, they were paid in a new legal tender of Treasury notes (the £1 notes in black and the 10s. notes in red colours). This new currency had been issued by the State, was backed by the credit of the State, and was issued to the banks to prevent the banks from utter collapse. The public cheerfully accepted the new notes; and nobody talked about inflation.” [my emphasis]
This simple fiscal arrangement, called M0 at 100% by HM Treasury or Sovereign National Credit by money reformers, completely saved the day and prevented a catastrophic run on the banks. The new notes were nicknamed ‘Bradbury Pounds’ after Sir John Bradbury, the First Secretary to the Treasury, who had his signature on the notes.
However, as this common-sense, debt-free process of money creation became extremely popular with the general public (
Punch even composed a ditty to praise it), a dark cloud suddenly developed over the City of London. The bankers realised very quickly that if the Treasury continued with the ‘Bradbury’ as the sole way to fund the war, then they would not be able to make any sort of a financial killing out of the killing on the Western Front. Unsurprisingly then, David Lloyd George received another visit from the elders of the City of London. Thomas Johnston wrote thus:
“To return, however, to the early war period, no sooner had Mr. Lloyd George got the bankers out of their difficulties in the autumn of 1914 by the issue of the Treasury money, than they were round again at the Treasury door explaining forcibly that the State must, upon no account, issue any more money on this interest free basis; if the war was to be run, it must be run with borrowed money, money upon which interest must be paid, and they were the gentlemen who would see to the proper financing of a good, juicy War Loan at 3[sup]1[/sup]/[sub]2[/sub] per cent, interest, and to that last proposition the Treasury yielded. The War was not to be fought with interest-free money, and/or/with conscription of wealth; though it was to be fought with conscription of life. Many small businesses were to be closed and their proprietors sent overseas as redundant, and without any compensation for their losses, while Finance, as we shall see, was to be heavily and progressively remunerated”.
So, Sir Lindsay, here is the ‘big secret’ about money creation that almost the entire country knows absolutely nothing about. This simple fiscal arrangement of drawing from the nation’s wealth and credit would completely transform today’s dire and increasingly worsening financial situation. There would be absolutely no need at all to borrow the projected £500 billion from the private financial sector. Nor would there be any requirement to raise taxation. This extremely straight forward and completely effective form of money creation actually works! And if the people knew about it today, they would be demanding that a modern-day equivalent to the ‘Bradbury Pound’ be restored immediately. And here lies the problem!
In the present febrile and chaotic political climate, people who ask searching and difficult questions ‘outside the box’, away from the official ‘virus’ narrative, are immediately branded ‘conspiracy theorists’…and who are then mocked or are totally ignored. As you can see, there is absolutely nothing in this email which is a ‘theory’ – it is all factual history! Over the years, when I and others have repeatedly written to HM Treasury, to the Chancellor of the Exchequer and to the MPs on the Treasury Select Committee about the ‘Bradbury’, we have either received no response at all, or a response that was just a clear fob off. Now, with the common sense of the ‘Bradbury’ being needed like never before to save tens of thousands of businesses and millions of jobs, all we have received over the last five months is a complete wall of silence.
An email was sent to Mr Mel Stride, Chairman of the Treasury Select Committee, on the 18[sup]
th[/sup] May. An automatic response was received from his office but nothing else came back from Mr Stride himself. On the 9[sup]
th[/sup] July, a highly-detailed letter was sent to each member of the Treasury Select Committee as well as to the formal email address of the Committee itself. We waited almost two months but not one response from any of the MPs was forthcoming.
Dismayed by this simple lack of common courtesy, and suspecting that my late uncle was completely correct with his assertion that the financiers in the City of London ultimately do control our elected servants in Parliament, we sent on 4[sup]
th[/sup]September another detailed email to the same MPs, but in a much more direct and no nonsense way, though we believe still generally polite considering the circumstances. We simply stated that we require the Treasury Select Committee, as our elected servants in Parliament, to go public about the ‘Bradbury Pound’ and what it achieved so that a proper national debate could take place on money creation and money supply. Needless to say, one month on and there has been no response again from any of the MPs involved.
Simple common sense, if nothing else, would suggest that such a nationwide debate, using Parliament and the mainstream media, would almost certainly result in a national clamour by politicians, councils, trade unions, business people and the general public to harness this simple, proven but completely unknown Treasury fiscal arrangement that would immediately ensure the saving of tens of thousands of businesses and millions of jobs. This sudden mobilisation by the Treasury of the debt-free and interest-free liquidity needed by the whole nation at this extremely difficult time would, as in 1914, save Britain from financial collapse and from accruing even more ridiculous and completely unsustainable debt courtesy of the private criminal bankers.
And when it comes to these private bankers, we do not use the word ‘criminal’ lightly! The privately controlled central banking cartel is a powerful grouping of highly manipulative people who have inveigled themselves within the key elements of our political class, courtesy, perhaps, of the unelected and unaccountable ‘City Remembrancer’ who sits in your Chamber protecting the ‘ancient privileges’ of the City of London. This mind-set has also implanted itself within academia (especially the London School of Economics), not to mention within all the key elements that make up the mainstream media.
Since 1694 and the formation of the Bank of England, unelected and unaccountable people have been ‘allowed’ to lend the nation ‘money’ that’s been created completely out of thin air as interest-bearing debt. And not only that, but they have also been allowed to set the interest rates as well! When it comes to money creation and money supply, this is effectively a privately-run system of complete insanity when it comes to looking after the needs of the ordinary people! But it is only the nation’s collective ignorance about this clearly suppressed history of what actually happened in August 1914 that is allowing this unlawful and totally immoral fiscal system to prevail.
Here are the detailed emails of the 9[sup]
th[/sup] July and the 4[sup]
th[/sup] September that were sent by myself supported by twenty-two others, including Sir Julian Rose Bt. of the Hardwick Alliance for Real Ecology and key activists of the New Chartist Movement and Action4Justice:
https://www.newchartistmovement.org.uk/l...-committee
https://www.newchartistmovement.org.uk/l...-committee
Sir Lindsay, we now come to the crux of this letter to you as Speaker of the House of Commons. In one sentence, what are we to do to get this simple truth out quickly and effectively to the British people?
From what we have witnessed in the Chamber, coupled with feedback we’ve had from ‘insiders’, it’s clear that you are an honourable and fair-minded man and you are certainly a breath of fresh air when compared to your predecessor. We do know that we have one course of action we can take, but, if we can possibly help it, we do not want to go down the path of triggering the Common Law offence of Misconduct in Public Office even though we’re reliably informed by those who know the law that we have an excellent case should these elected public servants continue to conduct themselves in such a way that prevents the proven truth from becoming known to the British people in this time of great uncertainty and stress.
Can you therefore please advise us as to our best course of action we should take to get this truth out? And would it be possible for you to gently nudge these errant MPs to do the decent thing and go public on this proven fiscal process that will protect tens of thousands of businesses and the jobs of millions of people?
With very kind regards,
Justin Walker
