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Growth: the destructive god that can never be appeased (Guardian)


Another crash is coming. We all know it, now even David Cameron acknowledges it. Or perhaps it’s inaccurate to describe this as another crash. Perhaps it’s a continuation of the last one, the latest phase in a permanent cycle of crisis exacerbated by the measures (credit bubbles, deregulation, the curtailment of state spending) that were supposed to deliver uninterrupted growth, writes George Monbiot in the Guardian, 18th November 2014.

Liability could be issued as zero-coupon irredeemable bonds

FT letter Fran

Sir, Simon Ward (Letters, November 13) states that Adair Turner’s proposal to fund government spending with newly created money “would involve the creation of more Bank of England reserves, which represent a liability of the state and bear interest”. But there is no reason that the new liability would have to bear interest, since it could be issued as zero-coupon irredeemable bonds, reads the letter by Fran Boait in Financial Times, 16th Nov 2014.

GuyHarper"With regards to reading the proposal - I may be mistaken, but I think I may be the first person to suggest this parallel system of reserve accounts. I'd be happy to find out someone else has had the idea and fleshed it out in further detail but I haven't seen it anywhere so far :)"I assumed this i...

5 weeks ago

dannyboyFirstly, I think this proposal (which I was able to outline in a couple of paragraphs) is orders of magnitude less complex than reams of new regulations that are being implemented in an attempt to patch the existing system.If you are worried about banks trying to offload these new reserves back to t...

last month

RJIt would create an unnecessary level of complexity. And the banks would likely just use these nil interest reserves to settle with the treasury (for our tax payments) the very same day. A better suggestion would be just to increase the required reserve holdings to back deposits held....

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Regulation of banks is not a solution – it ignores the larger issues at play


"Greater regulation of banks does not offer any meaningful solution. Regulation ignores the larger issues at play. As we’ve seen in the limited scope of reforms since the crisis, what happens is that you get thousands of pages of complex regulation. But the bank lobby has huge resources, millions of pounds, to spend on lawyers to water down these changes. And there’s nobody fighting that battle on the side of society", argues Fran Boait, Positive Money's Executive Director in the interview in Cherwell, 8th November 2014

David MullinsWhat #hashtag are you using? I suggest#UKmoney...

last month

RadioflyerA great primer for your politicians would be a study of the hearings held in Canada under the guidance of Gerald Grattan McGeer. result being the adoption of our national experiment in goverment money creation, which was followed successfully from 1939 to 1974.Unf...

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ETNIKSI am so glad you in Britain are getting your Parlamentarians to discuss this most important issue and elevate the degree of consciousness they have regarding the importance of Money Creation relative to the Global Debt Crisis we're suffering....

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