Cobden Centre’s Toby Baxendale talks UK monetary reform with Jeff Tucker of the Mises Institute
Toby Baxendale is chairman of the UK Cobden Centre, a think tank that aims to “promote social progress through honest money, free trade and peace”. He recently sat down with Jeff Tucker (he of bow-tie fame) of the Mises Institute to talk about monetary reform in the UK.
Take-aways from the interview are:
- Douglas Carswell MP introduced legislation that in the future would require UK banks to offer either a custodial account for safe keeping or a traditional account where a customers deposits are lent out.
- The idea of the legislation is to reintroduce the concept of a bank being a fiduciary of customers money
- If banking reform can’t be pushed forward in this environment when can it?
- Important macro implication to this, it would limit the central bank’s ability to inspire the creation of massive amounts of new money.
- Politicians often say to the electorate that i’m not going to take from ‘x’ but i’m going to give a lot to ‘y’ – funded through government borrowing. This legislation would force honest politics – allowing politicians to only spend based on what they can raise in taxes.
- Staggering that more people around the world don’t focus more on the absolutely jugular which is monetary reform
- The prospects for the bill passing are slim at the moment – but that won’t stop the determination to keep pushing the bill going forward
- Inspiration for the Cobden Centre based on Hayek’s call fro a sound money movement to rival the corn law reform movements of the 1830s/40s
All this and more here. Must watch:
- Jeff Tucker of the Mises Institute covering all things macro
- Tutankhamenâ€™s Gold Replicas come to the Trafford Centre
- Gold, the States, and Federal Monetary Policy
- Why the little know Domestic Monetary Policy and Technology Subcommittee Matters – Watch it Live Today
- International Monetary Fund
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