Balls and New Labour want to cut the government spending deficit like the Tories. This beggars belief.
It is impossible to cut the deficit as long as the government allows private banks to create 98% of the money supply by the issue of credit. The other 3% is the notes and coins supplied by the B of E on behalf of the Treasury.
All talk of cutting the deficit shows just how far removed politicians are from understanding the basic principles of money supply.
The government should create, issue and circulate all the currency and credit needed to satisfy the spending power of the government and the buying power of consumers. The people can and will be furnished with a currency as safe as their own government. Money will cease to be the master and become the servant of humanity. (Abraham Lincoln. Senate document 23 Page 91 1865).
The same applies today. How much longer is our nation going to lay down and be walked all over by the banks and their political allies?