On Thursday 20th November 2014 over 30 MPs took part in a debate in the House of Commons on money creation and society.This was the first time in 170 years, since the Bank Charter Act in 1844, that the topic has been fully debated.
It was acknowledged during the debate that money creation remains an issue that few MPs fully understand:
“I suspect that most people here would be humble enough to recognise that the banking wizardry we are discussing is such a complex issue that very few people properly understand it.” Zac Goldsmith MP
This was confirmed by the results of a Dodds monitoring poll, conducted on behalf of Positive Money, in 2014. The poll results reveal that only 1 in every 10 MPs understands that 97% of our money is created by the same banks that caused the financial crisis.
Until they understand this, they’ll never understand problems like debt, inequality and unaffordable housing.
We feel it will be more effective to aim to get the MP through the following steps of understanding:
- Understanding how money is created today
- Understand that the current system is causing a range of social and economic problems
- Understanding that this is not the only possible system; there might be better ways to organize our monetary system
- Understand the proposal to return the power to create money to a democratic body, and to agree that it is a credible idea
- To actively support Sovereign Money and campaign on this issue
Sign the petition!
Tell the future Prime Minister of the UK that money creation should only be used in the public interest.