« Back to Index

A Financially Viable Future for Transport

In order to make certain that we achieve the network for 2030, there are two serious obstacles, which must be removed.

First, is the chronic under-funding, which has been in place for decades. Second, is to put in place a system of funding, which will increase sufficiently rapidly, that it does not permit a shortage of funds to impede economic growth, generated by resolving the problem of under-funding.

Both of these adjustments to the existing economic situation must take into account, that robbing other sectors of the economy, to finance transport, would impede the economic growth which transport is required to serve.

The stark truth is, that investment in transport must not be done by using taxpayers money, or by borrowing. Selling shares in the business of transport is a subtle way of borrowing money.

In order for the creativity required for network 2030 to be achieved, the requisite funding must be done with additional new money, specifically minted, printed, or otherwise created by the Government, and by nobody else.

A newly discovered principle comes into play at this point:-

When new money is minted, printed or otherwise created by the Government for the specific purpose of creating and maintaining an essential national asset, required by the nation for the creation of wealth upon which the value of the nation’s currency depends, that new money, however great the sum, cannot cause inflation when spent by the Government wisely and well. When that principle is correctly applied, under-funding of transport can never occur again.

For close on 300 years, additional new money, as needed to service economic growth, has been created by the private sector, and not by the Government. Our Government has allowed the bankers to create and issue new money as credit.

When the USA became independent of Britain, the bankers crossed the Atlantic and eventually set up the Federal Reserve Bank of America, which is the counterpart of the Bank of England.

Although America is now the richest country in the world, it has borrowed its currency into existence, and now has debts that could never, ever be repaid, and which continue to grow as more credit is used to pay the interest.

Under-funding of essential public services in England is caused by using credit on which interest must be paid. Our currency only exists if it is borrowed into existence. Nobody denies this, but a whole upper strata of our society benefits from this system, and because that strata is in power, change does not occur.

But this is a very short sighted look at the monetary system, and when it is straightened out and made honest, everyone will benefit. Even the Bankers will feel the benefit of regaining their self respect.

Read “The Money Textbook”, which has taken twenty years to research, and to whittle down all the existing waffle written on the subject of money and economics. The fact that this briefing sheet has been needed since 1694 and never written, means that it will be difficult to confront and digest. So be it.