Bitcoin discussed in British Parliament

[Mageant]

Stever Baker (British MP) made a IMHO pretty good and well-informed speech where he also mentioned Bitcoin several times in a positive way:

https://www.youtube.com/watch?v=I12o_eUOUIM

[jyakulis]

Wow this is damn good. I feel like I'm peering in the door the door of the liberty movement or the campaign in 08 with some of these topics.

The solution is already there for them.

Go greenback or colonial scrip like. At the same time turn the clamps on the banks. Force them to go to full reserve requirements and go back to only CD lending for them. Then the government could print money out of thin air and spend it into the economy and then all the inflation would be on them. I shouldn't help them too much though, I don't like competition with bitcoin.

Anyway, bitcoin still has a system like that on security. Also, how do you trust the banks. It would require all kind of regulation to see if they are lending too much. It would almost require a complete nationalization of the currency.

Plus it would require massive reform and bitcion and other cryptos are already kind of there.

[franky1]

wow a positive mindset from the members of parliament..

WOW.. if Steve baker was to run for prime minister id vote for him as he seems to actually make sense, do his research and know what average joe really wants, even if its against government/corporate desires..

im gonna have to search out steve baker and see what he is upto on a regular bases as that MP seems to be a good resource that our(bitcoin) community, and country really need

[Addition]

Just watched, thanks for sharing!

Steve Barker should be commended for his contribution. It's about time this issues is being openly discussed in Parliament.
Distribution of wealth in the Commonwealth realm has been quite simply a joke for far too long. I'm biased as a proponent of blockchain asset distribution and Bitcoin, not saying other solutions such as a Sovereign system to replace governmental/central banks wouldn't work, to be honest I don't fully understand yet how such a system would be sustainable?

It's just really nice to hear a revision as to the future of UK economy is being addressed.

I have dual nationality now, but heart remains in the UK - Let's work towards making Britain, Great once more!   

[Ektra]

Shame that the turnout is so stingy, but overall I'm pleased to see these issues discussed at all intelligently.

[Addition]

Here's an interview with MP Steve Baker from Jan 2013, with hard work he managed to get last weeks historic hearing:

http://www.youtube.com/watch?v=AljEp0XDRvc

And also he mentioned a famous essay by Alan Greenspan, "Gold and Economic Freedom".

Narrated in this video   http://www.youtube.com/watch?v=FC9xOB5iqfk

[Lethn]

Fucking parliament I can't believe currency and money is 'backbench' issue, they really try their best to hide it all from the public and keep people ignorant.

[pawel7777]

Props to Steve Baker for bringing up such a big subject (money creation) and for trying to spur a debate.

Fucking parliament I can't believe currency and money is 'backbench' issue, they really try their best to hide it all from the public and keep people ignorant.

It's even more depressing when you see all the "crowd" interested in a discussing the matter.

[1Referee]

Props to Steve Baker for bringing up such a big subject (money creation) and for trying to spur a debate.

Fucking parliament I can't believe currency and money is 'backbench' issue, they really try their best to hide it all from the public and keep people ignorant.

It's even more depressing when you see all the "crowd" interested in a discussing the matter.

At least they show some interest, that alone is already a good thing.

Can't really expect them to take it much further at this point.

[ArnoldChippy]

Does anyone know if the Remembrancer http://www.scriptonitedaily.com/2013/06/27/the-unelected-banker-sitting-in-our-parliament-to-make-life-easier-for-banks/ was in attendance?

[pawel7777]

Does anyone know if the Remembrancer http://www.scriptonitedaily.com/2013/06/27/the-unelected-banker-sitting-in-our-parliament-to-make-life-easier-for-banks/ was in attendance?

What?? I had no clue that such thing as Remembrancer existed.

The Remembrancer is the only non-MP or civil servant with a seat in both the House of Commons and the House of Lords.  He sits to the right of the Speaker in every session of parliament.  His sole purpose is to scrutinise and influence legislation in the interests of the banks. Nobody elected this representative into our parliament. What kind of democracy allows an unelected lobbyist for a wealthy elite to sit in its parliament to write laws in their own interests?

Who is the Remembrancer?

The current Remembrancer is Paul Double, a former barrister, and he has been in the role since 2003.  In that time, he has not provided a single interview to the media.  He has a budget of £5.3m, and a £500,000 staff which included six lawyers.

That's not right. Maybe we should install there our own guy and sit him to the left of the Speaker (for the balance)? Anyone interested?

[ArnoldChippy]

Does anyone know if the Remembrancer http://www.scriptonitedaily.com/2013/06/27/the-unelected-banker-sitting-in-our-parliament-to-make-life-easier-for-banks/ was in attendance?

What?? I had no clue that such thing as Remembrancer existed.

The Remembrancer is the only non-MP or civil servant with a seat in both the House of Commons and the House of Lords.  He sits to the right of the Speaker in every session of parliament.  His sole purpose is to scrutinise and influence legislation in the interests of the banks. Nobody elected this representative into our parliament. What kind of democracy allows an unelected lobbyist for a wealthy elite to sit in its parliament to write laws in their own interests?

Who is the Remembrancer?

The current Remembrancer is Paul Double, a former barrister, and he has been in the role since 2003.  In that time, he has not provided a single interview to the media.  He has a budget of £5.3m, and a £500,000 staff which included six lawyers.

That's not right. Maybe we should install there our own guy and sit him to the left of the Speaker (for the balance)? Anyone interested?

I know!! The audacity of the banks and the ignorance of the people is breathtaking!   

[jyakulis]

Steve Barker should be commended for his contribution. It's about time this issues is being openly discussed in Parliament.
Distribution of wealth in the Commonwealth realm has been quite simply a joke for far too long. I'm biased as a proponent of blockchain asset distribution and Bitcoin, not saying other solutions such as a Sovereign system to replace governmental/central banks wouldn't work, to be honest I don't fully understand yet how such a system would be sustainable?

 

The idea of a sovereign system is green back is you get rid of the whole debt swap kind of thing. The government would just print all the debt and pay it off but at the same time require banks to have 100% full reserves. The fractional reserve aspect is what gives banks the authority to create new money into existence. Even 90% reserve requirements would still allow fractional reserve lending. When it is illegal for them to have the mechanism to create this new money then they simply make like a CD loan. They can still loan but it would have to be money they actually had as extra or profits. The government would then just run the printing press when they needed to spend money on things like roads or whatever else. But inflation would be tied to the government. So, they would have to take responsibility for inflating. And like they said in the lecture spending would increase on economic down turns. This is like new deal era stuff. But instead of borrowing from banks to pay they really just spend it into the economy. It's really very simple and I can't believe politicians in this country can't wrap their heads around it.

[ArnoldChippy]

On a similar note, how many people know that the City of London is its own jurisdiction within Greater London (very much like Vatican City), and even has its own police force? Note the slightly different uniforms.

http://www.cityoflondon.gov.uk/Pages/default.aspx
https://www.cityoflondon.police.uk/about-us/Pages/default.aspx

[jyakulis]

On a similar note, how many people know that the City of London is its own jurisdiction within Greater London (very much like Vatican City), and even has its own police force? Note the slightly different uniforms.

http://www.cityoflondon.gov.uk/Pages/default.aspx
https://www.cityoflondon.police.uk/about-us/Pages/default.aspx

washington dc is the same way...

[franky1]

the ignorance of the people is breathtaking!  

i know.. looking back on my childhood, learning about history of different battles, 1066 and that such, doing nativity plays which would never ever affect my future, and thinking of all the stuff that kids were and still arnt taught these days about the real world is very scary. even with the internet and TV broadcasts inside parliament which use to never happen, i know of many people my age (in their 30's) who dont have a clue.

shocking

[nicked]

In America, I think most of our elected politicians serve the same purpose as your "Remembrancer".

[BitCoinNutJob]

Stever Baker (British MP) made a IMHO pretty good and well-informed speech where he also mentioned Bitcoin several times in a positive way:

https://www.youtube.com/watch?v=I12o_eUOUIM

Would have been nice to see more MPs there but they did speak pretty positively about crypto currency and how the current money creation methods are corrupt.

[Addition]

Steve Barker should be commended for his contribution. It's about time this issues is being openly discussed in Parliament.
Distribution of wealth in the Commonwealth realm has been quite simply a joke for far too long. I'm biased as a proponent of blockchain asset distribution and Bitcoin, not saying other solutions such as a Sovereign system to replace governmental/central banks wouldn't work, to be honest I don't fully understand yet how such a system would be sustainable?

 

The idea of a sovereign system is green back is you get rid of the whole debt swap kind of thing. The government would just print all the debt and pay it off but at the same time require banks to have 100% full reserves. The fractional reserve aspect is what gives banks the authority to create new money into existence. Even 90% reserve requirements would still allow fractional reserve lending. When it is illegal for them to have the mechanism to create this new money then they simply make like a CD loan. They can still loan but it would have to be money they actually had as extra or profits. The government would then just run the printing press when they needed to spend money on things like roads or whatever else. But inflation would be tied to the government. So, they would have to take responsibility for inflating. And like they said in the lecture spending would increase on economic down turns. This is like new deal era stuff. But instead of borrowing from banks to pay they really just spend it into the economy. It's really very simple and I can't believe politicians in this country can't wrap their heads around it.

Thanks man!  Also good stuff you guys have posted here too about the Remembrancer, and how most of us just accept the inflation over time.

Could there ever be a Bitcoin-based Sovereign Fiat?

[TheButterZone]

Here's the "debate" transcript, a few good laughs in there: http://www.publications.parliament.uk/pa/cm201415/cmhansrd/cm141120/debtext/141120-0001.htm#14112048000001