The second largest paper in Sweden published this article written by Patrick Sundqvist, a member of Positiva Pengar - our sister organisation in Sweden.
The World Economics Association (WEA) has published in its June 2014 newsletter following article by Mark Joób, PhD, Professor at the West Hungarian University, Faculty of Economics and Researcher at the Institute for Business Ethics, University of St. Gallen, Switzerland and member of the managing committee of the Swiss Association for Monetary Modernization (MoMo):
“Well, who else is going to do it, if it’s not the banks?”, asks the man, in response to a suggestion that the power to create money might not be an appropriate function of a private, profit-making corporation. Well, a public, democratically-accountable institution might be a good place to start, I suggest. “But that’s what the Bank of England’s for isn’t it? Where the money’s printed.”
Banks, unlike private citizens, have the right to create almost as much money as they want out of thin air. This monopoly (which other parts of the financial industry don’t get) is why banks become too big to fail. In short, it’s the root of the instability in our economy…and that’s just the beginning of the problems it creates.
"I think it's clearly the case that UK has an economic model where every time we start growing, we tend to have a very significant house price inflation and a pile up of debt" , argues the former FSA chief Lord Adair Turner in today's BBC Radio 4 Today's program: