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The Bank of Poland put at the service of the people ?

Written by Alain Pilote on Sunday, 01 January 2006. Posted in Banks

On February 3, 2006, Poland’s ruling conservative Law and Justice Party (PiS) concluded a “stabilisation pact with the populist Samoobrona (Self-defense) and the Catholic League of Polish Families (LPR). According to PiS leader Jaroslaw Kaczynski, the move “signals a radical change in our country”.

Poland had been facing the prospect of holding early elections only four months after the previous vote, which left PiS at the head of a minority government, commanding only 155 of the 460 seats in the Sejm (parliament). The new coalition now gives the government of Prime Minister Kazimierz Marcinkiewicz a majority of 248 seats in the Sejm.

With this new “stabilisation pact (valid for 12 months with the possibility of it being extended), the three parties agreed to support 144 bills in Parliament. The coalition will help strengthen the Polish position in view of the other countries,” PiS leader Kaczynski stated. The protection of our national interests will be on everyday’s agenda, and our partners must know this.”

The Interfax news agency released the interesting comment:

The thinly-sketched list of economic proposals the parliamentary coalition agreed to support will give investors some headaches... The greatest potential to disrupt the market lies, however, in the agreement to amend the law on the National Bank of Poland (NBP).

While the three parties to the agreement have all at times called for the abolition of the Monetary Policy Council (RPP), the pact failed to include any mention of the proposal. Instead, the three parties agreed that the NBP should be made responsible for supporting economic growth.

This may be utterly harmless (after all, the secondary target of the NBP already is `supporting the government’s economic policies’) or damaging, depending on exact formulation,’ ING Bank economist Bartosz Pawlowski said.

While the wording in the pact is vague enough to sound innocuous, the government’s repeated criticism of what it sees as overly tight monetary policy implies that any changes in the central-bank law would likely tend in the direction of reducing its independence, economists said. Any such legislation would be negative, if undertaken with short-term political goals in sight, Pawlowski said.”

Comments of “Michael”

The leaders of these three parties have often said that the Bank of Poland should be used to finance the nation with interest-free loans, and that it was stupid for a government to borrow at interest money that it can create itself without interest, just like we say in the “Michael” Journal.

The International Financiers would like every government to give up their sovereign right to use their central banks (and even have it written in the Constitution, as it is the case with the European Union), for they know very well that if only one country takes back the control of the issue of its own currency, this would be a deadly blow to their monopoly of the creation of credit, since this country would show the entire world the proof that a country can be run without borrowing from private banks, and the other countries would soon follow this example.

If this money is issued for new production, and paid back (only the principal, since there is no interest) as the new production is consumed, there is no risk of inflation, and Poland will experience an era of prosperity never seen before. With an honest money system, it will be possible to finance, debt free, all that is physically feasible, to answer the needs of the population. The financial circles have every reason to be worried, for our Social Credit solution is well known in Poland, with our journal and leaflets in Polish. If the solution is well known among the population, the Polish Government will have the support to apply this just reform, despite all the opposition of the International Bankers. Let Poland set the example to the whole world !

Alain Pilote

About the Author

Alain Pilote

Alain Pilote

Alain Pilote has been the editor of the English edition of MICHAEL for several years. Twice a year we organize a week of study of the social doctrine of the Church and its application and Mr. Pilote is the instructor during these sessions.


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