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Is full-reserve banking really that hard to understand? (A reply to John Aziz)

The week_response

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.

Sovereign money: what it is and why it matters (nef)


Our monetary system isn’t working. Only around 10% of new credit creation by banks goes to productive activity.  The current ‘recovery’ is being driven by increased and unsustainable lending for household consumption and mortgage lending – writes Josh Ryan Collins, Senior Researcher at New Economics Foundation in this excellent article.

jake-Public banks/investment funds with a specific mandate to lend into local economies,for productive bussinesses.They wouldn't be allowed to invest their funds into land speculation,or any other speculative actvities.Loans would be low interest,and all interest recouped would be used to finance furthe...

May 2014

Mel" unelected committee of men to control money supply..." Isn't that what we already have except that those we have are largely faceless, unaccountable (except to the shareholders/the haves/and the have-mores as Bush put it) and do their dealings behind closed doors in cabals whilst voting thems...

May 2014

kavadiasAnn Pettifor confuses the case of base money of a gold standard, which are of fixed or limited variability, and the case of fiat base money, which are obviously unlimited.She challenges the case for a committee determining the added/subtracted quantity of base money, as compared to regulating privat...

May 2014
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Julian JonesMolly Scott Cato, EU candidate in the South West UK region with a good chance of getting elected on 22 May, commented here: has been saying this before Positive Money and really deserves our support. What do your EU candidates think?...

May 2014

therooster57NO brainer .... monetize PM's and make weight the unit of account. This can be decentralized right down to the individual because it not debt based. Pssss't .... it's already in action....

April 2014

Hector Combe PM BrisThis was my own personal response to Ann Pettifor's article:It’s not the quantity of investments that is key, but the QUALITY of them.There’s too much credit being pumped into the system at present and the banks are feeding on that supply through speculation, reckless lending, mortgages etc. The...

April 2014
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