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.
Slavery strikes us as abhorrent as well as illegal, it is seen as the very essence of man’s inhumanity to man. However, not many life times ago, it was part of society; it’s familiarity making a wrong seem right by its continuing presence; a serious injustice going unremarked because we are blinded by tradition. Imagine living in an age when slavery was normal- it was so much part of society and accepted by society that abolishment required men of stature and foresight. These men had to confront strong vested interests, which were supported by the religious and moral authorities of the time. What a contrast to our present age when slavery is considered, so obviously, an injustice.
Post monetary reform, as we at PM advocate, only the publicly owned institution, the UK Monetary Creation Committee, will be allowed to issue new national money. A related matter, but one on which, as far as I know, PM does not hold a definite position, is that of national borrowing.
Fran Boait, Positive Money's Campaign and Operations Manager, presented the main reasons why we should care about the way money is created at the Positive Money conference 'Modernising Money' in January 2013.