Greece’s Prime Minister Alexis Tsipras is attempting to blackmail Europe by linking his government’s support for a deal on reforms to keep the UK in the EU to plans in Europe to close borders to stem the influx of illegal migrants.


Tsipras said he would veto any deal on reforms to avoid a Brexit if countries closed their borders to illegal migrants channelled through Greece.

Is this a serious threat?

A veto by Tsipras to the anyway anaemic reforms on the table to keep the UK in Europe, and then an actual UK exit from the EU or Brexit, is the best thing that can happen to the UK in my view, especially if the influx of illegal migrants into Europe is going to continue.

The UK can maintain friendly trade and other relationships with individual European countries.

The second best thing that can happen to the UK is the re introduction of sovereign money 350 years after Charles II gave control of the money supply to private banks with the English Free Coinage Act of 1666.

“One could slash private debt by 100pc of GDP, boost growth, stabilize prices, and dethrone bankers all at the same time. It could be done cleanly and painlessly, by legislative command, far more quickly than anybody imagined.

The conjuring trick is to replace our system of private bank-created money — roughly 97pc of the money supply — with state-created money. We return to the historical norm, before Charles II placed control of the money supply in private hands with the English Free Coinage Act of 1666.

Specifically, it means an assault on “fractional reserve banking”. If lenders are forced to put up 100pc reserve backing for deposits, they lose the exorbitant privilege of creating money out of thin air.

The nation regains sovereign control over the money supply. There are no more banks runs, and fewer boom-bust credit cycles. Accounting legerdemain will do the rest. That at least is the argument.”


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