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The articles in this issue have been divided upinto the following categories







Until the middle of the 20th century, currency was linked to precious metal, usually silver or gold. But after the 2nd world war, paper money started loosing its commodity cover and became merely a promise to pay.
For the last 70 years, Naim Dangoor has held the view that merely as a promise to pay, paper money is in fact just an "I O U" which by definition has to be issued by the borrower and not by the lender. This would make it possible for money to be issued not in the name of the central bank, but in the name of the consumer, thus, saving the interest charges which consumers have to pay for the use of money.
In June 2001, Naim Dangoor discussed his idea with Chancellor Gordon Brown and suggested that the Chancellor should consider applying this principle. 3 months later, the Chancellor launched a scheme where by senior government employees would receive an interest free loan of up to £10,000 to assist them in acquiring a home.
This scheme was expanded 3 years later by raising the amount to £30,000.
We give below more details about the 2 schemes which appear to have been successful.

The Guardian, 15/11/2004

The Guardian, 1/9/2001





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