Welsh Assembly Briefing on Reforming Money: Video & Discussion

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Positive Money’s Ben Dyson outside the Welsh Assembly building

On March 27th 2012 Ben Dyson of Positive Money and Josh Ryan-Collins of the New Economics Foundation gave a briefing to the Welsh Assembly on the problems with our current debt-based monetary system, and proposed ideas for implementing complementary currencies in Wales without waiting for action from Westminster.

Three Assembly Members (AMs) attended, with representatives of another couple of Assembly Members. The event was co-hosted by Labour AM Julie Morgan and Conservative AM Darren Millar, making it a cross-party event and making it clear that reforming the monetary system is not about left/right politics (it’s just good sense!).

You can watch the audio and slides of the presentations and listen to the discussion that followed below. While Ben discusses the problems with debt-based money on a national scale, Josh discusses the opportunities for reforming the monetary system within Wales with the use of complementary currencies (whilst keeping the pound as the main currency).

Darren Millar AM agreed to initiate an all-party group on the issue of money to discuss these ideas further, and we’ll be working with Darren and Julie to take this forwards.

A round of applause goes to Harry White and the Cardiff & Swansea Positive Money group for meeting their Assembly Members and making this meeting happen! If you would like to be involved more in the activities of these groups in Wales, you can write to: positivetrigger@gmail.com

Part 1: Ben Dyson (15mins)

Part 2: Josh Ryan-Collins (21mins)

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  • http://www.facebook.com/people/Stuart-Moore/1049246735 Stuart Moore

    Slowly but surely the idea will catch on because it just makes sense.
    Keep up the good work which is appreciated by those of us who think things need to change   

  • Jeff

    I live in Delta, B.C.,Canada and belong to the Canadian
    Action Party the only federal party advocating change in our present monetary
    system. CAP has no plan for the micro or local level as Positive Money does. I
    have donated to your cause in the past and have read “Where Does Money Come
    From? A Guide To The UK Monetary and Banking System” although a second and
    third reading is in order. In Canada we don’t have any publications like yours albeit
    our banking system is very similar as you know.

    It is difficult for most people to accept the reality of how
    money is created. I remember a few years back when I stumbled on to the CAP
    website my first introduction to the money creation process was the “Money as
    Debt” video and I was resistant to the concept. I think this is only natural
    given that it is counter intuitive, however once understood macroeconomics
    makes sense.

    I am writing this in support of your cause and hoping
    someone will write a book as detailed as yours on the Canadian Banking system.


    • Joan

      http://www.torontodollar.com/ Jeff, you might like to read about the Toronto Dollar! a Canadian alternative currency which uses the CIBC bank and has had good success downtown. 10% of each dollar’s value is donated to a charity. 

  • Cynic

     Isn’t the term ‘total private sector debt’ a little misleading? My understanding is the vast majority of debt has come from bailing out the senior bond-holders of Banks. While this is bad enough, what is worse is we are not allowed to know whether the senior-senior bondholders of Banks are also Nominees of the Bank of England!

  • Acuhart

    A key issue of a complementary currency is whether it can be used to pay taxes.

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