Positive Money, a not-for-profit research and campaign group, believes it has identified the core problem behind the ongoing economic crisis, as well as the solution. The issue, the group says, is the way in which money is created.
The Bank Charter Act 1844 made it illegal for anyone but the Bank of England to print and issue notes in England and Wales. However, following deregulations, the advance of computer technology and the law not being updated, it became possible for banks to create digital money – numbers in an account – in the form of loans, overdrafts and other credit.
You can read the whole article here.
Trackback from your site.