In 1993, John Tomlinson published his book “Honest Money” in which he predicted everything that happened in 2007/8. He explained how it would happen and why it would happen. He couldn’t predict when it would happen because that is a function of ‘events’.
Following the failure of the Northern Rock Bank in the UK, John drafted a bill to legally change the banking system in the UK. The Bill would have returned title to their money to depositors, thus prohibiting banks from using deposits without the consent of depositors. This Bill, introduced in the House of Lords on January 30, 2008 by The Earl of Caithness, had its second reading on April 25th, 2008 and then gathered dust. Had it been passed it would have seriously reduced the effects of the bank collapse in the UK. It would have removed all risk and moral hazard from deposits. The Bill expired at the end of the last parliament.
Undeterred, Mr. Tomlinson has just submitted his testimony to the new Independent Commission on Banking set up by Prime Minister David Cameron in the United Kingdom.
At the same time, Douglas Carswell, M.P. has tabled a Bill in the House of Commons – also to return title to depositors. Carswell argues from the point of contract law. The Bill should be debated this week.
Lord Caithness is to call for a debate in the House of Lord this week on the subject of bank reform. Following the debate he will introduce an amended Bill to the House of Lords.
Mr. Tomlinson, a former stock broker with Thomson and McKinnon and a merchant banker with Ord-BT in Sydney, Australia, used to run Union Dock here in Nassau and is well known by many of the older generation of Bahamians. His family have been resident here since 1963.
Read more about current efforts in the following three documents:
Summary of Evidence to The Independent Commission on Banking (pdf)…
Combined Evidence to Independent Commission on Banking (pdf)…
Fully Secured Current Accounts Bill -Draft 3- (pdf)…
Read his book and find out more here at Honest-Money.com
