The Green Party has passed a motion to democratise monetary policy and to bring about public control of the money supply and credit creation following and intense but well-informed debate at the party’s conference on Sunday.
Andrew Waldie, of Kent Green Party and proposer of the motion said:
‘The privatisation of the money supply by stealth must be reversed. The creation of a country's national currency is in the interests of all its citizens, and as such should be put under public control.’
He added:
‘In voting for this motion, the Green Party has put in place the third part of a trinity of radical policies to finance the move to a post carbon and equitable economy. Public credit creation joins the Citizen's Income and Land Value Tax as the three jewels in the crown of our economic policy.’
Molly Scott Cato, the party’s Economics Spokesperson added:
‘For too long the ability to create credit has been the preserve of the private banking system. The financial crisis demonstrated that banks are not competent to exercise this vital power and I am proud to represent a party that has the courage to reclaim the right to create money to a democratic authority that will operate in the interests of society at large rather than the private shareholders of banks.’
The Green Party of England and Wales joins the United States Green Party in opposing the creation of money by private banks and backed by debt. The motion outlines how a Green government would end fractional reserve banking and delegate the money creation function to a National Monetary Authority. Direct credit creation would enable investment in public services and green infrastructure.