Former Senior Economist at the World Bank on Modernising Money

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Prof Emeritus and former Senior Economist at the World Bank, Herman Daly, gave a pre-recorded message for the 3rd annual Positive Money Conference “Modernising Money”  which took place in London on 26th January 2013.


“Under fractional reserve banking a constant money supply is not growth-neutral; it requires and pushes growth.”

“The growth has become uneconomic.”

“The fact that we have had such enormous financial failures and meltdowns on the basis of fractional reserve banking, should make the public much more eager to seek some sort of reform.”

square MMProf Herman Daly  has also written a foreword to the new book Modernising Money – Why our monetary system is broken and how it can be fixed”, which you can read here.

Foreword H Daly



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  • PJM

    The good professor ought to have known better than to include fire, a naturally occurring phenomenon, in his opening sentence: “Money ranks with fire and the wheel as an invention without which the
    modern world would be unimaginable.” It would have been equally thought-provoking to have written “Money ranks with the wheel as an invention without which the
    modern world would be unimaginable.”

  • Nate Hill

    you will all learn from Celebrity Green Room

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