Article: IMMR Forum

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Registered members of MMJ are invited to attend an IMMR Forum on Sovereign Money at 9pm tomorrow night Saturday 25th June.

They requested a brief definition of Sovereign Money from each NGO and we posted this.

THE SOVEREIGN MONEY SYSTEM (from Movement for Monetary Justice Malaysia)

First Prerequisite

1. Take away money creation from bank

2. Disable banks from being able to create money.

Converts existing Banks into two types of banks:

i) Payment System banks – Banks that deals only in payments –They cannot lend money nor invest.

ii) Investment System banks – Banks that cannot be involved in the payment system ; it is not allowed to have current accounts, savings accounts or any form of deposit taking. They are banks that operate as fund managers ; they take money only for investments and the investees are not allowed to take out their money except at dissolution of funds.

iii) Create a State Investment Bank to finance infrastructure and the real economy of the nation

Process

1. Money to be created only by the State ie by National Monetary Authority ; a body that reports only to Parliament.

2. Process

i) Economics Dept of Finance Ministry prepares Amount of Money needed for the financial year.

ii) Table to Parliament

iii) If Approve, Parliament instruct National Monetary Authority to create the money merely by Accounting Entry.

iv) Money transferred to State Investment Bank to finance State infrastructure and to finance the real sector economy to create jobs and economic output

Note:

a) Very little to zero personal financing. Housing under special state programme.

b) Different country different regulations.

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