So far more that 1800 people have emailed their MPs about our Dodds poll which revealed that 7 out of 10 MPs think that only the government and create new money; and, only 1 out of 10 MPs know that new money is created by commercial banks when you make a loan. Labour MPs replied in a variety of ways and then they settled on the following as a standard response (in italics):
Our recent email campaign, sharing the results of a poll, which showed an alarming lack of understanding of how money works in Britain, received this reply from the Liberal Democrats, including Nick Clegg.
Monetary policy is one of the most important aspects of our world. It is also among the most misunderstood, reads the article in The Week, 17th October 2014, entitled How to get America to full employment — and fast
The damage done to the economic system by the tremendous support offered to banks by governments is much more serious than just misdirected lending, reads the letter by James Skinner in Financial Times, 19th Oct 2014.
On August the 19th we started an email campaign to highlight the startling results of the poll that showed that only 1 in 10 MPs understand that 97% of money is created by banks, we have encouraged all Positive Money supporters to email their MP and ask them to confirm that they are aware of these 3 facts: