Douglas Carswell’s Ten Minute Rule Bill read in the House of Commons on Wednesday September 15 proposes to give bank and building society account holders legal ownership of their deposits unless they indicate otherwise when opening said account.
Perhaps, like me, other people have hitherto assumed that this already happens.
Not so!
Under our system of Fractional Reserve Banking the banks assume ownership of a depositor’s money and can, repeatedly, ‘sub-let’ that money out without the true owner’s knowledge or permission.
Mr Carswell’s Bill receives its second reading on November 19.
B CROUCH, St Just Close, Ferndown
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