It's been a busy week for journalists and economists criticising our proposals without bothering to a) read them or b) understand them. Jeremy Warner in the Telegraph claims we're in favour of allowing politicians to "print money to their hearts' content", when we've clearly stated that we wouldn't trust politicians to be responsible with the power to create money than we would trust banks. But John Aziz's blog in The Week is this week's worst offender for inaccuracies and misconceptions.
Paul Krugman, the Nobel-prize* winning economist has written a commentary on Martin Wolf's article "Strip banks of their power to create money", in which Wolf advocates the policies that I and my co-author Andrew Jackson proposed in Modernising Money.
“Strip private banks of their power to create money”: Financial Times’ Martin Wolf endorses Positive Money’s proposals for reform
Positive Money's proposals have just been advocated by Martin Wolf, the chief economics commentator at the Financial Times, in an article entitled "Strip private banks of their power to create money":
Economics textbooks teach a “mythological” story about what banks do, claims former bank regulator Lord Adair Turner (Full transcript)
Lord Adair Turner, who was the chairman of the UK Financial Services Authority from 2008-2013, gave a brief but hard-hitting speech last week, where he claimed that university textbooks were teaching a 'mythological' story about what banks do. Speaking on a panel at the INET "Human After All" conference in Toronto, he made a number of strong points: