Options for Banking Reform

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Why we disagree with Ann Pettifor


A couple of months ago, Positive Money's proposals to reform the creation of money were featured by Martin Wolf (the chief economics commentator at the Financial Times). In an article entitled "Why I disagree with Martin Wolf and Positive Money", veteran campaigner and economist  Ann Pettifor responded that the proposal is 'deeply flawed', 'outlandish', and would lead to "a shortage of money, high unemployment and low economic activity".

How to waste £375 billion? – The Failure of Quantitative Easing (VIDEO)

qe video

In 2010 the government cancelled a program to rebuild 715 schools, because they'd run out of money. But at the same time the Bank of England had created £375 billion of new money through a program called Quantitative Easing. Instead of this money being spent on something useful, it was pumped into the financial markets, benefitting the richest 5% but doing almost nothing to create jobs and stable economic recovery.

Sovereign Money will strengthen Democracy and Private Property

cash cards

Cash is disappearing. It is being replaced by electronic money which is just numbers in computers and other electronic devices. The joke is that electronic money is not legal tender. The law has been left behind by technology and up to now the politicians have omitted to extend the government’s monopoly of money to electronic money. That is no accident because the banks profit enormously from this legal loophole.

SimonI'm with the co-op. It's a good idea but probably too late-the bank is deeply mired in 'debt-restructuring' which is a euphemism for being part of the derivatives market and daisy chains of debt that spread through financial system. Unless you've got a good credit union in your area there' probab...

June 2014

dannyboySorry to hijack the comments thread... butjust a little idea - I bank with the Coop (including having a mortgage with Britannia) and they are doing their annual ethical survey thing at the moment. I took the opportunity to ask them to do the following:- Educate customers about the true nature of ba...

June 2014

SimonCarry on with the private banks debt based money system then...

June 2014
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Ruud Harmsen==How this is a roundabout way of issuing debt-free money into the economy [...]==Debt-free money is a myth. It is impossible. Money by definition is what banks owe the public.Because a balance sheet, as the name implies, needs to be balanced, those claims by the public (right side of the bank's bal...

23 hours ago

Ruud Harmsen==The Bank of England could create money, without relying on anyone to go further into debt. ==No, they can't. Not until you change the definition of money. Money = what banks owe the public.You can pay with money (= part of your claim on your bank) because everybody trusts banks. What kind of money...

23 hours ago

Steve Wallis"This saves the government annual interest on £50bn of the national debt, freeing up more money for government spending."I've just checked interest rates on government bonds at http://markets.ft.com/research... and 3-year bonds are just over 1% (and only 3.37% on 30-year bonds). The annual interest...

June 2014
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PaulThe above is absolutely true, unless the privately owned central banks are removed, the Central Banks will continue to control (Corporate Governments). The debt/bust cycle will continue to be at the whim of Central Banks and World Banks (IMF/BIS) third world countries will continue to be raped for ...

last month

Marco SabaNo one ask WHY if banks create money they don't register the amount of newly created money in their books as a GAIN before lending or spending it... That way they steal the capital and don't pay taxes on it....

last month

Andrew WebbYes, you are correct; it is certainly not in our interest to allow the banks or the regulators for that mater the power to create our money supply. Presently when a nation needs to increase its money supply, it will usually get it from the commercial banks as debt. The Central Bank will inject new m...

May 2014
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