Mr. John Tomlinson on Honest Money

First Published: 2011-03-15

Join the Nassau Institute and John Tomlinson for a Discussion Group Meeting on Wednesday, May 18, 2011 at 6:30pm at The Milton Freidman Room*, Bay Street Business Centre.

Mr. Tomlinson will offer his thoughts on improving the Monetary Policy of The Bahamas.

Background:

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 next month on the subject of bank reform.  Following the debate he will introduce an amended Bill to the House of Lords.

Click here… for more information and to download a free copy of Mr. Tomlinson’s book, Honest Money.

* Office and Milton Friedman Room located at The Bay Street Business Centre, Bay & Deveaux Streets, Nassau N.P. Bahamas. Telephone: (242) 328-6529

Help support The Nassau Institute