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".

sacicrI would like some one to evaluate what I say here. Because I am not an expert, but I think Anne Pettifor is wrong for the following two reasons (apart from all those mentioned in the above article).1) If 97% of the money supply is created as a debt, compound interest will make the debt grow exponent...

4 weeks ago

Jamie Walton"ensure that things stay just as they are." - Wow! That says it all really.Things staying just as they are is not an option.The present system is extractive, is increasingly extractive, and is not sustainable.The present system is driving environmental destruction and leading our biosphere to the p...

last month

Jamie WaltonCorrect PJM.Ann Pettifor also seems to be overlooking that savings, once lent, are then spent and are returned into the income stream, so it's not an ever-diminishing scenario. Money would simply pass back and forward between savers and borrowers (as it does now with all non-bank lending; e.g., pee...

last month
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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.

Damian PenstonIn another video, Ben Dyson said that the figures for job creation, etc. came from the Confederation of British Industries. It was around the 27 minute mark.http://www.positivemoney.org/v......

last month

JSBThis video is incredibly misleading particularly since you try to explain QE (to some extent). QE did not inject money in the "financial markets" other than for the BoE to buy Gilts. You have written so many other really good things that this is really disappointing and leads the less informed vie...

July 2014

herewardWhy was it necessary to have his daughter practising the piano through the whole video ? Who decided they wanted that row going on ? Do positive money people only talk when someone plays the piano ? Irritating , ridiculous and hard to concentrate on the message as far as I am concerned . I am a...

July 2014
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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.

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