Brexit & The New Economy



Treasury Letters  





Our human right to have


Copyright Rodney A. Fisher 2016

All Rights Reserved

No part of this book may be reproduced in any form

By photocopying or by any electronic or mechanical means

including information storage or retrieval systems,

without permission in writing from both the copyright owner

and publisher of this book.

First published in 2016



1 Introduction to

The New Economy


The Present Economy

I think it is fair to say all world economies are unsustainable, for example:

1              People not understanding their rights in the economy.

2              High unemployment and short hours of work.

3              Wages that are too low to support our standard of living placing many in

debt caused by lack of earnings.

4              Many industries in the rich nations are unable to compete, because wages in

the developing countries are very much lower than they should be.

5              People having little knowledge of economic matters and their purpose in this


6              People not  knowing they have a right to work rewarded even from the hunter/gatherer days.

Without work how could we all live, as we need food and shelter to live.

This proves we must have work to achieve our affordable standard of living!

7              Over the recent centuries past we have always had wars/conflicts for various reasons for example to gain more power, natural resources, or to gain slaves or cheap labour to support dynasties/dictatorships. This form of civilisation has wasted considerable resources that could have been used for improving our standard  of living, and now for  preventing our civilisation  from collapsing due to destructive forces currently taking placeIn the hunter-gatherer days the tribes have had smaller populations and worked as a team to survive. They created little damage to the natural environment and every child was shown how to survive under those conditions at that time. Today many children seem to think that work and looking after each other is unnecessary.  In  recent centuries we have created and learnt thousands  of  new skills to improve our standard of living/survival, and in the twentieth century millions of new skills have been developed in new technologies to improve our lives and to explore the universe! We collectively now have substantial knowledge and if properly used wecould live in a form of paradise, where we live in peace, from any form of conflict, andenjoy the marvels of our planet earth and the universe.  In spite of all the admiration for equipment/technology we now have, it is humanminds/thinking that developed them  and manages their use. New ideas come to usthrough us  and are not created by robots etc. Without mankind the new technologywould not have been developed. None of us can absorb all the knowledge required; wemust work and develop our economy collectively, using millions of different skills fromthe simplest to complex ones. People in each district and region cover a vast range ofskills each of us being skilled in different ones, so that collectively we have the skillsrequired to provide a very large portion of our needs and wants to support our standardof living. Each person is equally important, because every task is needed and we rely on each other 100%

The resources on earth must be shared and we should live on our planet in thesafest of places. The resources have to be used on a sustainable basis. Humans are theonly carers on earth for this task !  With the millions of products available it is difficult to make exchanges of goods and services  direct  from  producer to consumer, . . i e  people/families  and industry/commerce. While we are able, from childhood to retirement, we all need to work to obtain the material needs/wants for our/family survival. Using the knowledge given to us, our economies must be structured to support an achievable standard of living. We have most of the tools, equipment and knowledge to do this!

However, the

structure of our existing economies, presently held in place by governments and other

powerful institutions, is very distorted, creating conflicts, wars and unfairness to each

other! World monetary currencies are very distorted, so people in the less developed

countries are expected to live on 2 dollars a day while in countries like our own (UK)

people need 140 dollars a day. Therefore our trade is not on a similar basis. This form of

distribution means more goods and services have to be provided from countries where

wages are at the lowest level for the skills required to produce the product !

We  usually  want  more  than  we  can  achieve,  so  why  the  high levels  of

unemployment? This is caused by the developed nations currencies being overvalued.

Governments like to set

minimum wage levels, but they also need to set a maximum

level as one cannot justify  more than  10 times the average wage, so why are many

managers and others being paid 1000s of pounds per hour?

The Majority of Governments (civil servants and politicians) are saying there are

no other ways to manage our economies. This is not true. The model/tool for the new

economy has already been developed and could have been used from 1996. It is proving

impossible to have dialogue with our Governments! Several governments have been

provided  with substantial information, which is ignored, as they still want the  free

market system . This ignores our human right of work and to be paid fairly, based on

the hours of work done  and

using trading rules that are fair and honest, on a worldwide basis.

Clearly  from  the foregoing  comments made the world  needs  a new  sound

economy, and a new  one that  all citizens  and businesses  can  understand, forcing

economists supporting the free market  system to change to a sustainable one! The

present day economy is not only functioning poorly in the U .K. but worldwide also.


Wars, terrorism and the unsustainable free market system need to be urgently

replaced, before any further collapse into chaos. The New Economy has been offered to

governments, but at present they don t appear to possess the personnel wishing to accept

it, preferring day to day crisis management.


The New Economy

So what

is the New Economy? It is a new trading system that serves everyone

because we all need to trade our skill/s to buy in the needs and wants for our enjoyable

survival! No one should be excluded from The New Economy, but will be expected to

abide by  its trading  rules, which are open, fair, honest and sustainable when fully

implemented, as it follows natural sequences.

The New Economy is based on a Co-operative called  NITEC (National and

International Trading Exchange Co-operative) to which all members must belong and

follow the trading rules as set out in the Book Master Currency Sustainable Economic

System (MCSES) by Rodney A Fisher. This book is an economic tool used to change

economies from an unsustainable condition to its chosen form  as already outlined in the

introduction to the New Economic System. Countries can use different models to take

into account their circumstances. It is very important for economists responsible for

change to understand how each nation is developed to become stable  and to serve a

nation properly. The trading and exchange system would be run by another co-operative

called NITEC Time Bank. The majority of citizens will  be able to  understand the

economic tool, and follow its rules and guides, which are already available. However

larger businesses would need to study Volume 2 of the book.

In the transition of national economies changing from the present situation to a

stable one, where all the necessary changes have been completed   that process would

take a number of years. All finance banked would be in the Master Currency unit (MH

= one hour’s average human  productivity) and be recorded in the national currency.

There would be no interest paid on the MH unit, but the national currency is linked to

the unit to protect deposits from wage inflation, which presently takes place and would

continue until the transition process is completed. Because the unit is a valuation  of one

hour’s work it preserves its buying power however long served.

Using the new economic system economists managers and larger businesses

would be able to build their form of infrastructure modelling as set out in the book (MCSES) which

Each local district and region would have their own models   could be

compared with other regions, and other nations   regions to establish the basis for up

grading their economy. The system can be used in many different ways to suit each

nation’s needs.

All modelling would be based on average human productivity and their hours of

work. Every product/service can be converted into hours of work (estimators need this

to plan projects and their cost) in whatever businesses they were created. Models could

also be made to reduce transport costs, or unnecessary journeys.

The advantage of The New Economy for individuals and families is that taxes

could be lowered, because a larger working population are in employment   and retired

persons would  be working to a  much later age and for shorter hours. Their savings

would not be devalued by wage inflation, or deflation in The New Economy and their

pension funds would not devalue once converted to the Master Currency.

In the new system everyone would understand how important each of us is

because what we do each day requires millions of people with all the different skills

needed to  make  the goods  and services  we consume. Mistakes made  and

misunderstandings will happen, but these can all be forgiven, or corrected without any

violence or conflicts, which is now happening in the world and destroying the lives of

millions of people. Working together, being open, honest and trustworthy is a necessary

culture of The New Economy. It is worth building it, and quite possible to do.

Ideally the Local District Authority should be the centre of its activities. They

should  work in  conjunction with their citizens, who would have substantial

details/information on the resources and skills in their area. All its citizens problems

should be  solved  at

 that level leaving politicians to oversee the economy and interact

with the region and national government, as necessary to ensure a stable nation.

People could prefer to manage their own savings, either in a current account, or

a  savings account when this  becomes  available. For this,  very safe  records are

necessary. Others may wish to risk some of their pension funds in shares, and for this

they need to understand that if the company fails their savings could be lost.

Where a business or an individual has substantial assets  for example £100 000and wishes to

borrow £25 000 his assets back the borrowing and the banks should not

prevent this. Mortgage security would still be provided. 

Please support The New Economy  by  becoming a member of NITEC Time

Bank to protect your savings from wage inflation.


NITEC Time Bank


One might wonder why we are setting up a Time Bank and anyway, what is its

purpose? However we are nearly all aware in recent years how the world’s banking

system is failing, there is substantial  unemployment, many  people have to rely on

subsidies and the monetary and economic system is very unstable.

Our  modern economy relies on millions of skills and products, and  the old

fashioned economy we have does not allow stable economies to be built.

The human  race has  always had to  work to  survive. Initially we were

hunter/gatherers, but  gradually  we  learnt other skills to improve our  lifestyle, and

eventually all changed rapidly in the industrial revolution.

The only resource we all have are our skills used in work, and these hours of

work are for most of us the only thing we can exchange for goods and services we or

our families need to give us a sound standard of living, Nature provides us with the

natural resources and we need

them for food our homes and industries. We also have to

care for the natural environment to ensure our survival can continue.   We all have to

learn many skills our economy requires to ensure collectively we have the right skills to

support the local, national and world economies.

The level of our standard of living depends on the hours we are prepared to

work. We are all equally important, as all  the necessary skills are required for our

survival and leisure activities.

From the foregoing explanation we must be able to exchange our hours of work

and therefore our monetary units must be based on hours of work, and a set of trading

rules on how we value each other s skills. These are explained in my  book  Wage

Negotiation published in 1994.

For any economic system everyone must be honest and we must be able to trust

each other - this is a most important culture. All trade must be open, fair and honest.

Rodney A Fisher and his team have carried out substantial research and a new

Master Currency has been developed using a trading unit called an MH (Man Hour).

His book “ Master Currency Sustainable Economic System  lays the foundation for this

new form of economy and it is used as an economic tool  to  make our economies

gradually sustainable, so we can all support ourselves.


The New Economic System


The new economic system is like a natural resource and is a human right to

belong to  just as is the right to work since we are entitled to water, food and other

natural resources to sustain our passage in life. All its members will   sign up to its

trading rules and its co-operative that will manage its purpose; a fair and honest trading

system that follows universal laws. This is a private contract commitment to all others

to trade fairly, openly and honestly, using the Master Currency (MH) trading rules, and

sound education principles. The trading system and all its development activities would

be based or modelled using MH units. The industry/business sector and government

would need to have their financial bud

gets, or cash flow based on the MH units. Each of

us and each business and institution sector would only have one current account, which

can be managed by NITEC Time Bank, or other banks using the system. No interest

would be paid on savings in the current account and where a debt occurs in the current

account. No  interest not  based on work would be  charged as interest cannot be

justified; such practices would distort the economy. Business profits would   need to

comply  with the  MH trading rules as set out  in  the  Master Currency  Sustainable

Economic System. All valuation of assets should also be properly valued in MH units.

In a modem world in communities of around 100 000. about half of its working

population serve only their own requirements. These local districts could be serving a

hamlet villages and a small town, or be a part of a large town or city. A region would

comprise of many local district communities, and the regions in each country would

continue  to  be  managed by  governments to  co-ordinate each country’s economic activities

The new economic system with the support of its NITEC members can be self-

supporting without government subsidies. The key to developing this situation is for

people to be paid properly for their hours of productivity on a  level playing field’, not

only in their own country but worldwide. This can be accomplished by understanding

how economies need to interact (the real purpose of local, national and international

trade), and  how to reshape them to support everyone properly in harmony with the

natural resources. Nature has given us all the knowledge and skills required to create

sustainable economies


Step 1

The first action required is for local people to get together, set up their trading

current account  system and  pay themselves properly for their work, self-employed,

employees and business/institution owners. These early groups will still need to trade

with the present form of trading system, say the other 50% of our working population in

other regions, national and worldwide.

Initially it would be necessary to spend half our income on local products with

our  local earnings.  The  local goods  and  services  would  need  to be produced  as

efficiently as possible, using the resources we already have. By the underpaid being

properly paid, they would now be able to spend their extra money on local goods and

services - this would then  increase demand for local goods and services leading to

further employment creating  more  money for buying  local products  and reducing

unemployment. Our savings can also be used to modernise businesses and create more

homes. Local and other government services should also permit their employees to be

properly paid ; many are and many are not !

By local people putting their savings (local £s and ordinary £s) in the NITEC

banks they  would  be protecting them from loss of purchasing power, which in the

existing banking system is rarely achievable!

Master  Currency  (MH)  money  is a fixed measure  like weight  and length

because  it is based on  hours and minutes. When we  work  we  produce  goods and

services and these products are then put into the market (like our shops), or we create

infrastructure (like our homes, roads, railways, factories, warehouses and water supply)

and this is always worth  more  than  the money  we  have  in our current  accounts,

including our savings. All our money in current accounts, including savings, is backed

by all this wealth. That is why in the Master Currency Sustainable Economic System

your money in the NITEC banking system is always yours to spend whenever you wish,

as the NITEC bank only keeps a record of your trading activities. The money is yours as

long as your account is not in the red (negative balance).

When  people  join  NITEC (the Co-operative)  they  bring  their other assets

collectively under the protection of the members.


Step 2


The second action we need to take is to set up our first NITEC branch. Each

branch would keep the records for its branch and daily it would record the account,

transactions  which  would  also  be stored  at other  secure  locations. Including  the

National Central Bank once   ¬

government have adopted the system, but until then the Co

operative would be responsible for this.

Step 3

At an early date a savings account would be set up so people can protect large

savings from reduced purchasing power caused by wage inflation and from any banking

collapse of the existing system. This would also produce funds to be   borrowed for

serious projects like home mortgages and business investment. However, sound security

would be needed to back the loan. A person, business or institution credit worthiness

could also be used to secure loans.

Step 4

Each local district community should,  wherever  possible,  trade within the

community. This would include locally produced food, materials, products and services.

Services  also include local government, health, education,  police and emergency


Everyone should be properly paid for their hours of work, or as agreed with the

employer. All trading must be honest and profits kept within the systems criteria. No

product should be overvalued, as this distorts the economy.

Everyone should be  respected  and where persons  need help, this must be arranged.

Step 5

As the number of members grow to a sufficient size, a centre needs to be created

to help members with their problems and to organise the local  trading information, system  of where the skills are and the products and services are located. This task could

be undertaken by the local authority, who already have many useful records.

It should be noted that people living and working in the Local District (like a

County) have substantial knowledge of the land and other assets they own, a history of

problems, resources, and what is needed to give them a sound standard of living, within

their capacity to create.

The Time Bank Project

From the forgoing  explanation of  the purpose  of  NITEC and the Master

Currency Sustainable Economic System, briefly outlined in this booklet, it is hoped that

the reader understands that this project is based on the understanding of our purpose on

earth (and for that matter the universe too). By using sound solutions our journey in life

can be much better. Collectively we have been given substantial knowledge. Working

together and using it we do not need wars, or to use the world s resources unsustainably.

We are entitled to live a good life and one where we have the right to work (generally

speaking when fit and able) but one that also has responsibilities for ourselves and

others, and the world’s natural resources. Without the greed of some a balanced quality

of life is possible by getting the economy to be sustainable. We have the knowledge,

and we must start to build the new economy now. This is our natural right The Time

Bank will provide a current account and a savings account: see pages 8 to 12.

NITEC Time Bank


Current Account




This document should be read after reading the NITEC Time Bank leaflet.




Many people would  want  to know why they should  have a NITEC Current Account.

1 This current account forms part of a sustainable economic system with very

honest and natural ways to  trade in  our  communities, country and

worldwide; where our wages earned have a proper purchasing power that is

not lost by inflation. The money deposited in the current accounts remains in

the customer s ownership and is not lost if the bank fails.

2  The NITEC Time Bank will encourage traders to ensure people are properly

paid for their work and skills (not just given a minimum wage but one that

takes into account their productivity and the skills they use). The wages will

be  based on  the  system’s trading rules as  described in  booklets like

Everyone’s Simple Guide and Wage Negotiations .

3 Millions of people work in the economy and even in a local district (a

community) where there could be a 100,000 population, all being NITEC

trading members: this is a very powerful force to protect our rights openly

and  honestly. We all  rely on each other to ensure our system serves us

properly and fairly.

4 Our system will also be connected with the existing systems, but any money

deposited in those banks current accounts (and savings accounts) would be

logically still in NITEC ownership (its co-operative members), as this is a

natural sequence.

5 All members have credit worthiness and most of us during our lives need

financial help for all sorts of sensible reasons. NITEC Time Banks will help

its customers with their problems. Loans free of interest will be allowed. The

current account would then become overdrawn  for say towards a mortgage, for a home to

help a business  or for some other special reason. Charges would be made for the service.

6 The NITEC organisations would ensure savings and loans, plus assets, are

kept in a sustainable balance, and our collective ability to create. The more

we collectively want, the more hours we need to work.

NITEC needs to know our skills and this section must be completed on the

application form for the current account. This information will  be used to build the trading system/economy we all wish to have.


NITEC Time Bank


Savings Account


This document should be read after reading the NITEC Time Bank leaflet.


Many people will want to know why they should place their savings in the

NITEC Savings Account.  Money placed in other savings banks or  in  any  other

organisations are:

1 Not protected from wage inflation.

2 Money placed in other banks belong to the banks/building societies, which

could become bankrupt, and only some of the money is guaranteed.

3 The  banking system, that governments support, is failing badly leaving

enormous debts to be paid for by the tax payers.

The money placed in NITEC banks is backed by everyone s assets, and goods

and services are ready for sale. Savers can withdraw their money at any time they wish

to spend it. The money in the NITEC system is created by its members working and

trading in it. It is designed to satisfy a sustainable standard of living for everyone and to

care for the global natural environment. There is no other system that can do this. The

system belongs to everyone using it (that is the co-operative members) and is open and


The table on page 10, under the system, shows how the money saved from the

end of 1991 would have been protected from inflation. It is like paying interest on your money,  but it is not subject to taxation, because it is not a profit, but just the value of

purchasing power that was lost annually by the saver, under the present system.

The NITEC system helps one plan what one wants for future requirements, like

deposits for buying a home, a business or for retirement as an example,

The savings system also makes available funds that others can borrow, that most

of us require at some time in our lives. Further there is no need for any interest to be

paid where security is available, other than the cost of providing the service to pay

NITEC employees and other overheads in running the exchange system.


To save in a NITEC Savings Account you do not have to be in work. You can be

a retired person, or a business, looking for a safe place for your savings. However, you

are required to be a member or a business customer of NITEC and follow the trading

rules, including supporting the system where you can.




How the MH protected the saving of £6.81 from end of 1991

Year Number  Value of  Equivalent  % interest rate

Of years MH unit  Averaged over the in £s number of years

1991   6.81

1992  1  7.21  5.87

1993  2  7.46  4.77

1994  3  7.71  4.01

1995  4  7.91  4.04

1996  5  8.20  4.08

1997  6  8.60  4.38

1998  7  8.95  4.49

1999  8  9.37  4.70

2000  9  9.45  4.31

2001  10  9.77  4.35

2002  11  10.40  4.79

2003  12  10.73  4.80

2004  13  11.22  4.98

2005  14  11.62  5.05

2006  15  12.08  5.16

2007  16  12.33  5.07

2008  17  12.70  5.09

2009  18  13.04  5.08

2010  19  13.53  5.19

2011  20  13.71  5.06

2012  21  13.53  4.70

2013  22  14.01  4.80

2014  23


Note : In 1991 the MH unit was worth £6.81 and the table is used to show what interest
would have been needed each year to protect the saving from any loss due to wage
inflation. The equivalent % interest rate given is the average, e.g  in 1995
4.04% is given for each of the 4 years 1992 to 1995;

 and for 1999 4.70% is given for each of the 8 years 1992 to 1999.
These figures are based on data supplied from the UK Central Statistical Office


NITEC Time Bank

Application Form

Please tick box/s as applicable


For NITEC Current Account  CH

For NITEC Savings Account Q

Personal Details




Tel (work)

Tel ( home)

Tel (Mobile)

Email address

Please tick this box if you would like to receive information from us by Email. [ ]

Date of Birth

National Insurance Number

Employment Details

Employers Name.



Your skills and qualifications, (that you wish to trade with NITEC members).

Your preferred work skills

I agree to abide to the NITEC trading rules and the system developed by Rodney

A Fisher and managed by the NITEC team.


Signature  Date


NITEC Local Branch:


Tel No.

Email No.


NITEC Centre for Local Branches

NITEC Time Bank

Meeting Agenda 1 /07/12

1  Overview

We have now reached the stage where we have done everything possible to

engage with Government, Local authorities and other State organisations.

We have also reached the point at what the public feel acceptable.

2  We are  now  at the  stage  where we  can  start the  system we  consider

acceptable and workable and as set out in:

-  NITEC Time Bank

-  NITEC Current Account

-  NITEC Savings Account

3  Go through (to get agreement) draft NITEC Time Bank paper paragraph by

paragraph (16 No.).

4  Ditto Current Account

5  Ditto Savings Account

6  Ditto Application Form

7  Discuss the use of the Post Office + (Co-op for NITEC). Time Bank at Post

Office and using book to record Local £ in current account using cheques.

8  Start MH Savings Account with NITEC, done doing manual calculations to

convert to MH units (until NITEC can get software to do the task).

9  Items  7 and  8  can  be  started  just  using  say  50  to 100  members and businesses.

10  Key to righting low pay and creating jobs to pay people properly could be

50/50 £/Local £ paid in by the BANK (NITEC staff would work out the amounts).

Say 650 account holders needed to cover the payment of salary of one

employee full time in a local bank. However if deposits paid into saving

accounts can be  made  it would  produce £20  per  £1,000  deposited. For

£30 000 gross income £1.5 million deposits needed.

11 To create employment in a balanced economy say 1,000 unemployed were

started in work. Gross earnings for them per month = £2,137,500, and this

would produce a bank income of £20,000 enough to pay say 4 staff.

12 Bank premises cost substantial sums. It is therefore best to encourage retail

businesses such as sub-post offices to be used.

13 Present members must  make a commitment to establish the first NITEC



14 When the above has been achieved a simple written constitution etc can be

drafted and then approved by the members. In the meanwhile the NITEC

leaflets given out today will be the basis of the Co-operative.


North of England Economics Working Group

NITEC Time Bank - Minutes No 1

Brief Minutes on Meeting Agenda 1 /07/12

With reference to the meeting agenda the members present went paragraph by

paragraph through the NITEC Time Bank papers; Time Bank paper, Current account

paper, Savings Account paper. These were read, discussed as desired and then agreed by

the eleven members present (listed separately and by a twelfth unable to come to the

meeting). Regarding the application form we did not all agree to the use of National

Insurance No. for

our accounts therefore

another form of numbering would be used.

With reference to item 7 of the Meeting Agenda it was agreed post offices could

be used to bank NITEC Savings Account £ Sterling Money (in the Co-operative Bank),

which would also connect the existing system with the NITEC private banking system

(which is an exchange system based on the MH unit). Savings books are to be used to

record NITEC Savings Accounts and NITEC Current Accounts transactions.

With reference to Item 8 of the Agenda this process was agreed. Only two books

are required  one for the savings account and one for the £ Local current account, (per

person or other business or institution). At the end of each financial quarter manual

calculations would upgrade the two types of account to the latest MH value for the £

Sterling based on  available statistics as explained in  Master Currency  Sustainable

Economic System (MCSES).


With reference to item 9 it was understood we are aiming for at least 1000

members trading in Local £  but the savings account could be started for one person upwards.

With reference to item 10 the 50/50 £ / Local £ was considered satisfactory, but

based on our joint knowledge concerning many businesses they could not afford to pay

higher salaries, even in Local £. The best solution would be for NITEC to work out £

Sterling and  £  Local that should  be paid to employees/member s accounts, and  for

NITEC to upgrade pay (the sums lost in earnings they are entitled to) and place into

their current account (Local £) as the market owes it to them. Government then does not

need to subsidise these persons, but only for special problems. This gets money to

people immediately, will increase trade, and  eventually increase employment, when

businesses take on more staff to cover additional trade. The quantitative easing by the

Bank of England goes into the wrong orbit and benefits the wrong persons, businesses

and institutions.

The principals of the remaining items 11  to 14 inclusive discussed were all

agreed and work will now be in progress to build the membership and start the first

Local branch/s for the trading system.



The New Economy

Since the  North  of England  Economics Working Group meeting 1/07/ 12, a considerable amount of correspondence has taken place with banks and governments including the European Central Bank!
It makes common sense to commence the first Time Bank
 in Ceredigion, in the county Rodney lives.
The first bank would be a pilot project. And Ceredigion is where Lloyds Bank started ,
as the Black Sheep Bank.

Each banking branch would have its own accounting system, isolated from any

internet  connection. Deposits would  be placed  into current accounts  and  savings

accounts. A chequebook system would be used for the larger sums of money and cash

for smaller transactions. Deposits would be stored in MH (Master Currency units), but

the currency used would be in £ Sterling -hence two columns of figures would be used

and automatically connected with the MH in accordance its trading rules (see page 17).

At each yearly quarter the bank statements £ value would be adjusted to follow the

inflation/deflation wage changes, based on government statistics. 50% of trade would be

local products  and  services  and this could  apply  to local government and other

government organisations. The increase in local trade with properly paid wages will

increase trade and employment! As previously mentioned money in current accounts

and savings accounts would be in the customer s ownership, and no interest would be

added on savings accounts, which would be free from any bank charges. Where current

accounts are held the chequebooks would need to be paid for, approximately £3 per

cheque to cover bank overheads/ profit . There will probably be 20 cheques per book and

these would be paid for when supplied. Bank charges would be made for overdrafts or

others special services in accordance with the Master Currency trading rules.

When the first NITEC Time Bank has been established its members will trade in

accordance with its rules. Those that are underpaid would be properly paid for their

work  and no  member would  be  overpaid ! The New Economy will generate more

income for many  NITEC members, who would  no longer  require  state subsidies.

Initially we would  still need to abide to the present taxation system.With any trade

carried  out in the export  market  we would  be able to sell to other nations on  an

appropriate trade level playing field. Therefore, poor countries would be able to afford

our export products ! Welsh and British lamb would become more affordable and not

rise and  fall with  the existing  currencies, because  they  would  be  sold in Master

Currency units (MH)!

NITEC members and businesses would be able to borrow interest free loans and

only have to pay for the service of loan management costs. Asset prices must be based

on proper valuations  and not  overvalued market prices. For example under present

conditions 2016 a market for a house property could be £300 000 when in fact the

building cost was  £ 100 000, and the plot only  really  worth £ 10 000,  .    
Homes can then again become affordable!

The New  Economy opens up  considerable advantages, because it is open

honest and explains to members/citizens including children in their education our duties

to each other and creates the most stable living conditions possible. It minimises


Branch No. 00001 - Aberaeron

Trading Balance Quarter 1 (Jan, Feb, Mar) 2013 - MH=£13.52

Customer Address:   Account No.

Date  Details  Withdrawn Paid in  Balance

2013   MH  £ MH  £ MH £

Jan 1

Conflicts, and all matters are settled by sound dialogue. Each day millions of people are

providing  our possible standard  of living! Governments are not treating us fairly,

because they fail to realise we first want sound guidance as children, and then help with

our vocations. We next  at this

choose to be single or married and have families, and

stage would probably wish to buy our own home. Eventually once families created

dwindle to

couples, and we can say reach their fifties, that is time to think about

pensions, having paid off the mortgage, when homeowners! So why do governments

make us pay into pension schemes as soon as we are employed? We could have died

before reaching 50!  The New Economy does not make people do things at the wrong

time in their lives!

The objective of The New Economy is to do tasks and plan in the right

sequences, with sound explanation. There is no need for hunger, and conflicts ruining

our lives. The managers of NITEC  would  build the sustainable foundation for our

economy and then guide us on the other tasks. Wars and conflicts are not necessary, but

sound dialogue is!

In the present world economy millions of people are being faced with debt.

Others are driven from  their homes due to conflict. This tragic situation must be

stopped. NITEC  sustainable economic system is probably the only carefully thought

through concept  that can create more  sustainable conditions, and collectively its

members have this power by joining NITEC, then building and managing its concept

using their collective skills!

NITEC  is in effect a political concept too. If more than half the population

joined it we would have a sound trading system.

“ The New Economy does not destroy the wealthy, but their assets must be used

wisely and sensibly as it all supports our economy!However, in due course weapons for

wars and conflicts on Earth must be dismantled and the resources used to deal with

manmade or natural disasters.


The NITEC Time Bank is a trading organisation: it is the first place to go if one

is having financial difficulties. If it cannot help it would direct a person to the

organisation that is there to help members with their problems.

NITEC, (the co-operative we should all belong to), would in due course be

responsible to monitor the trading/banking system, and build the structure of “ The New

Economy”  worldwide, It  would endeavour to keep our economies on a sustainable,

peaceful path in harmony with natural resources, and to build the necessary economic

management structure for this task and the economic tools/organisations, including a

sound education structure to guide members openly (we could  say from birth until



Terrorists should bear in mind that by destroying the present day peaceful

societies they would be back to hunter-gatherer days, as they would not have the skills

for our present day standard of living. Wars and conflicts only cause bitterness and

never solve the problems ! Sound dialogue and explanations are essential to solving

problems, and this leads to compromise and forgiveness and helping one another with

our daily lives of work and pleasure!


The strategy of The New Economy  is to eliminate, and  then educate the

manmade forces distorting the trading system preventing sustainable development, and

thereby create peace in our present-day world. This can only be achieved by honest

dialogue and using a sound economic structure we can all understand!

It  is  most important  to remember  whatever our beliefs may be  we are all

supported by millions of skills. Each of us only supplies a few of them. So why the

conflicts when we should help each other?

Present day governments are responsible for the unsustainable trading system

and thousands of regulations, often unsound and distorting our economies, They should

be  developing the  right form of  human  culture, where we help one another, are

responsible fair and honest. We all make mistakes and should try and learn from our

errors. Codes of practice can be very useful, but the only laws we should abide by are

the natural ones and these are the ones we should be following! The Master Currency

Sustainable Economic System  (MCSES) tries to  achieve  this  objective.  It  is  an

economic tool to develop sustainable economies for families (Vol. 1) businesses (Vol.

2) and governments (Vol. 3). Individuals/families need only the information in volume

1  as  this  gives them a  guide to  planning  their budgets  and to  work out  what is

achievable! However  many people may only be interested in  Wage Negotiations  and

this is available in a booklet and later hopefully online free! In due course for younger

generations all this information would form part of their general education.

Presently (2016) we can see our world in a disastrous state, much of it caused by

our human  actions of conflict  others caused  by natural events and our lack of

understanding  for  the  need for sustainable development  to  keep our economies  in

harmony with natural resources available. We need to live in the safest of places on

earth and where water is available. We need to keep the earth s atmosphere stable to

prevent global warming, or freezing that  upsets the balance of our climate. We are

aware of the safest places to live on the earth’s crust. By removing our destructive

forces on earth like conflicts, unnecessary transport of goods/products and not building the

infrastructure in  safest of places we would use much less energy. The MCSES is

designed to help with this process! We are also producing millions of products that

never get used wasting energy and creating more rubbish! Many assets we create really

get little use  and many are a sort of status symbol for the very rich only, and shouldn’t

they be using our energy/resources helping the very poor in the world! The task of “ The

New Economy  is to build a better world for everybody, one that respects all citizens!

The majority of people/families want  to live in  peace and enjoy the natural

world and our peaceful assets. No country in the world at present is striving for this. The

tools of war are becoming more horrific! The author and his team are proposing that

citizens should sign up to the NITEC organisation to build peace in our world and a

sound economy where we can enjoy what nature can give us. Those presently in power

and governments are not providing this properly and will never do so, because their

knowledge and skills for this process do not exist in government! Therefore a fresh start

must be made and the action needed is to support  The New Economy   join  its cooperative (NITEC) and sign up to its concept/trading rules and conduct to each other for a sustainable

world  which is open  fair and honest  without hidden secrets Without our

manmade problems we can make our world a much better place to live and carry out our

Creators” tasks ! Our world is full of marvels  let us enjoy them and not destroy them !


The EU = Should Britain Vote In or Out?


In 1992 I wrote a paper on “ Treaty of Maastricht” and the MH Monetary and

Economic System (the foundation for The New Economy” ). The paper compared the

two systems. In the last three paragraphs of my paper I said the following:

1 With the MH system there is the technology for guiding economies into

proper  balance  in gentle steps as is possible, to lead us into sustainable

economies. People have suffered enough hardship already from attempts of

governments in trying  to guide  our economies. It is about  time  that

governments fully understood  our economies and how to manage them,

properly without always leaving the public to pay the cost of their mistakes

and suffer the hardship caused by them . With the Treaty of Maastrich they

cannot explain to the public how they are going to achieve their objectives,

as they have yet to find the solution. With the MH system everything can be

explained and hopefully at last money will no longer mystify people.

2  Under the Treaty of Maastricht many decisions are taken away from the

independent nations, and needs to be, because of the choice of its economic

system. A member state can be forced  to take actions against  its will,

resulting from majority voting. It can also be fined for not taking certain

actions. The MH System is a set of rules to which member states would all

agree, and these are needed so we can trade on equal terms. Once having

agreed this, each member state makes its own economic decisions, without

any influence from the other member states. Politically the nations will be

even  better placed  to help each  other to ensure peace  and a sustainable economy.

3 The objective of the Maasricht Treaty are good, but it would appear from the comparisons made that a much  better foundation  for the Economic and

Monetary Union of Europe should be urgently sought, before ratification of it in its present form.

The  treaty has not  altered the European  unemployment problem  and their

banking system has failed to serve the economy properly. The author has corresponded

with  France  and  Germany at presidential  level, but  since he suggested  a political

decision  was  needed  to change  the system  his correspondence has been  ignored.

However the European Central Bank has taken note of his letter to HM Treasury in an

unrestricted (open) letter, but they have no powers to change the EU/banking system!

The copies of the letters mentioned are in the appendices.

The Author has mentioned that codes of practice are necessary in an economic

system. The EU make laws, more laws than we can keep up with !The EU do not know

how to build banking trading

a sustainable European Economy, and a sound and honest system.

Britons under the circumstances should vote for exit  we are then in full control of our

economy and banking system, which can be shaped to serve the whole world in due

course fairly and honestly! Our children can then be brought up into a culture of fairness

and honesty free from conflict, at least in our own nation and hopefully in due course

help all other nations into this more sustainable path!

It should be noted whether we are in or out of the EU we cannot help having

relatives and assets in any  EU country. In  the development of our world we must

exchange and use each other s ideas and special products. Trade  barriers  must

eventually be moved  and a  level, honest, sustainable  banking  system  should  be

established worldwide. What the EU Governments should understand is that we are one

world and eventually all barriers to trade must disappear, so we can help each other, live

in the safest of places and use our technology for peaceful purposes! Wars must cease

and be replaced by dialogue and common sense to solve the problems.

What should readers do next?

The first thing that many people often say is  you can’t change the world/or

system . This is untrue, and one good example is in printing. It has changed from type

setting letter by letter each word by hand to being fully computerised! In the 1960s the

author was using his Adana printing press, a simple hand   machine. The maximum

productivity was 300 pages per hour, after setting up a page ready for printing! When

this book  is on the internet you would  be able to download this booklet in a few

minutes! There is no point in complaining and not doing anything to sort out the world’s

economic problems. If we want a more sustainable economy we must act and build one.

The author has used a lifetime’s experience (working and living in the world economy

at home and abroad) where he carefully observed the natural sequences that create our

economies. Generally speaking he has noted most citizens in  countries  are kind,

thoughtful and helpful and not greedy! These people are the majority and collectively

we do have the power to change our world into a more sustainable place to live! The

key to the process is to exchange the cost of our export products based on hours of work

(MH) for the products, instead of a distorted over valued or under valued currency!

Britain should buy and sell imports and exports from any country in the world. That

should be the basis of our trading deal/agreement. Europe should have set up the EU

trading system on this basis and, until it does, it cannot support its citizen’s in any form of truly sustainable economy.

Each of us should try and understand that present day governments are burying

us and businesses in unnecessary regulations and  keeping us in an  unfair economy

thereby causing considerable hardship for a very large sector of the world population.

Our governments  are allowing the creation and use of  weapons that are  presently

destroying people’s lives and their nation’s infrastructure! They are not using the correct

form of dialogue to eliminate these conflicts. The author would be happy to help with

this major task. It is only by people coming together in larger numbers and supporting

the well thought through solutions that pressure can be brought on governments to adopt

a truly sustainable world trading system that is fair and honest, and that respects all humans natural rights!

Our  governments are the biggest  users of weapons and have  supported the industries making them. The use of these weapons is destroying nations. This must cease and the financial resources saved should be used to make good the damage, properly look after the migrants and help to rebuild their nations.
A world economy is a joint responsibility and collectively we must build a sound one.

It is hoped that readers of this booklet will give it very serious thought and have
a positive attitude to the creation of  The New Economy so urgently needed in our
world . We have a human right to help build it, and its present small group of supporters would
do our best to answer questions in meetings with individuals, small groups and
businesses and other organisations  including government and local authorities. We are
all each others servants whoever  we  are! Positive  constructive  reactions  to the
proposed new economy are urgently needed under present world turmoil, getting ever bigger.

It should be noted the author, a Chartered Civil Engineer, has been involved
with a wide range of projects including design and construction, and with many types of
business, collectively worth many £ millions at home and abroad. His employers /clients have
trusted  his  advice  on  economics/feasibility studies,  design construction
management, venture projects, businesses, and estimated costs. This type of experience
has enabled him to develop the strategy for the World ’s sustainable trading economic
system. Until the author can have proper dialogue with decision makers, key politicians,
bankers and institutions holding the present economic systems in place, urgently needed
sustainable economic decisions presently needed cannot happen ! Eventually he needs to
speak to many of these persons worldwide!

Finally it should be noted we cannot change our Creator’s laws, but we can

change the laws our governments have created. There will be many people who could

have  difficulty  in understanding whether  the  purpose  of  The New Economy is

genuine,  or  sound. Therefore,  we  are  also  looking for active  supporters to

build/implement "The New Economy"  and guide those persons wanting to know more

about the system and why they should support it.