British Politician: We don’t need the banks
Douglas Carswell MP discusses the government monopoly of the money supply and how the internet could pave the way for new possibilities in alternative currencies and legal tender. Mr Carswell believes that the ability to use other national currencies in the United Kingdom would create a competitive pressure on the Bank of England which would prevent further devaluations and cause the Central Bank to work harder to maintain the value of the pound.
Whilst at The Real Asset Co we would recommend the return to a fully-backed sound money system, Mr Carswell’s proposals go a long way to confronting the actions of central banks to devalue our currency. It would provide some stability to the monetary system in that citizens could choose which tender they wish to trade in, thereby showing which fiat currency they place the most confidence in. After all, confidence is the one thing which backs fiat money.
In this interview Mr Carswell also explains at length the possibility of removing payments from outside the banking system as well as money.