15 September 2010

Financial Services (Regulation of Deposits and Lending) Bill

First reading of the title Bill by Douglas Carswell. He discusses the Bill on his blog, here.

In a nutshell, he's proposing that bank customers can prevent the banks lending the money that they deposited. I imagine the outcome would be that interest would be paid on the money that is lent - the ownership of the money belonging to the bank - interest (for want of a better word) would also be paid on the non-lending money - the ownership remaining with the depositor, but the money would be used as fractional reserve.

Anything but privatise currency.

As yet, it is not on Hansard. I will provide the links here when they are updated and I hope to comment on the Bill as or if it progresses through Parliament.

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