In the media

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British public don’t trust banks 10 years after crisis, survey finds

“The poll of 2,250 adults by YouGov on behalf of campaign group Positive Money underlines the extent to which banks still have to work to rebuild public trust, despite years of restructuring and paying fines and compensation for misbehaviour.”

Reuters, 16 August 2018

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Ten years after the crash, civil society has come a long way. But much more remains to be done

“But looking under the bonnet of the headline figures about our stagnating economy, rising food bank use and record high stock prices, there is some good news. We are building an army of voices who didn’t exist ten years ago. The public know that things are not fixed. Today we at Positive Money have released a poll showing 66% don’t think banks work in their interests, and 63% are worried about another crash. The conversation is changing.”

openDemocracy, 16 August 2018

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Raising interest rates is the wrong answer to UK households in deficit

“Back in September 2017 Positive Money economist Ed Smythe used provisional ONS data to estimate that households would spend a record £12bn more than their income that year.”

Left Foot Forward, 1 August 2018

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Credit card lending continues to rise as Bank of England gears up for interest rate hike

“Fran Boait, executive director of Positive Money, said the latest figures should give pause to central bank policymakers pushing for a rate hike.

“With consumer credit growth remaining high, the Bank of England should think carefully about the risks of raising interest rates on Thursday,” she said.

“After a decade of stagnant wages, UK household debt is now worse than any time on record, with households having turned to borrowing in order to spend £25bn more than their income to make ends meet.

“Unaccompanied by a boost to incomes, a rise in borrowing costs would further burden indebted households and threaten the UK economy’s fragile recovery.””

The Independent, 31 July 2018

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Hundreds of cash machines close as UK turns to contactless payments

“But others remain suspicious about the banks’ motives, with an agenda to force consumers away from cash. David Clarke, the head of policy and advocacy at the not-for-profit financial campaign group Positive Money, said: “More than two million people rely almost exclusively on cash every day. There is still massive demand for cash, with 77% of people seeing free access to cash as essential for [their] lives. It is only a minority of people who are going completely cashless.”

The Guardian, 29 June 2018

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Cash machines disappearing at rate of 300 per month, research finds

“David Clarke, head of policy and advocacy at Positive Money, said cash machines were important for millions of people.

“Though they may not be profitable for Link’s member banks, who’ve demanded this fee cut, ATMs are a key amenity for the 2.2 million people in the UK who rely on cash to go about their everyday lives,” he said.”

The Independent, 29 June 2018

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How Labour can be truly radical when it comes to the Bank of England

“There is considerable scope to expand the role of regulatory policy beyond a narrow view of financial risk, as Positive Money argued in our recent paper ‘A Green Bank of England’.”

Left Foot Forward, 21 June 2018

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Labour to set Bank of England productivity target under radical proposals

“Fran Boait, executive director of Positive Money welcomed the report but said the BoE should go further to boost the economy.”

The Independent, 20 June 2018

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Swiss voters rejected a radical move to change the way money is created

“The initiative was part of the International Movement for Monetary Reform which was created by UK lobbying organisation Positive Money in 2013.

After the vote, Fran Boait, executive director of Positive Money said: “Though the Swiss rejected this particular Sovereign Money proposal in today’s referendum, the debate has sparked a much needed debate on the fundamentals of money, and who should have the power to create and distribute it.””

Business Insider, 11 June 2018

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Swiss voters reject ‘sovereign money’ initiative

““The fact that around a quarter of voters supported the Vollgeld initiative shows there is a real appetite for radical reform of a money and banking system which does not seem to be working for most people,” said Fran Boait, executive director of Positive Money, a London-based reseach and financial reform campaign group.”

Financial Times, 10 June 2018

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Swiss Reject Plan That Would Have Revolutionized Banking

“The U.K.’s Positive Money group said the failed plebiscite constituted “the beginning of a global conversation about whether control of money creation should be in private or public hands.””

Bloomberg, 10 June 2018

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Swiss voters overwhelmingly reject ‘real money’ plan

“UK group Positive Money called for a “global conversation” about the control of money creation.

Its executive director Fran Boait, said: “The fact that around a quarter of voters supported the vollgeld initiative shows there is a real appetite for radical reform of a money and banking system which does not seem to be working for most people.”

City AM, 10 June 2018

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Could the Swiss Vollgeld referendum offer an opportunity to truly take back control?

“How exactly we should take back control of the power to create money – whether we should opt for a full Sovereign Money system or pursue a number of more incremental reforms – is still up for debate. Encouragingly, there is also growing movement around Positive Money in the UK calling for money creation to work in the public interest, comprised of experts and activists drawn to this issue from a varied range of perspectives.”

The Independent, 9 June 2018

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Switzerland Is Voting On Who Should Be Allowed To Create Money

““Private banks have shown that they cannot be trusted with the privilege of money creation,” said Fran Boait, the executive director of Positive Money, a U.K. organization that supports Vollgeld, “as their irresponsible lending has resulted in financial crises as well as a failure to invest in the real economy.””

Huffington Post, 8 June 2018

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RBS falls as the City takes stock of Treasury sell-off

“Fran Boait, executive director of Positive Money said: “The sell off of RBS is a colossal wasted opportunity. As well as losing the taxpayer billions of pounds, the government is also losing the ability to reshape Britain’s banking system.

“Instead of selling off its majority stake, the government should use its position to break up RBS into smaller, regional banks, with alternative business models that emphasise lending to SMEs and productive industry.

“Such innovation is needed to direct lending to the real economy, which has been been starved of investment in recent years.””

Evening Standard, 5 June 2018

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UK government clears Comcast and Fox takeover bids for Sky – live updates

“Positive Money, a group which campaigns for a fairer banking system, argues that RBS should be broken up.”

The Guardian, 5 June 2018

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Bank of England ‘should go green’

“Research group Positive Money argues the Bank’s programme of quantative easing (QE) – effectively printing billions of pounds to buy up debt and lower interest rates – has disproportionately helped carbon-intensive companies that are polluting the planet.”

The Week, 16 May 2018

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UK must secure billions in investment to meet climate targets, MPs warn

“Alongside the EAC report, researchers and NGOs have called for a “greening” of the Bank of England, to meet carbon targets and encourage clean growth. Positive Money, a thinktank, called for the monetary policy committee, which sets interest rates, to have to take the risks of climate change into account in making its decisions, a controversial recommendation that would require wide reviews of how climate change could make an impact on inflation.”

The Guardian, 16 May 2018

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Time to bail out the climate, say campaigners

“The Bank of England’s approach to climate change runs the risk of leaving action until it is too late, a report by campaign group Positive Money has concluded.”

The Ecologist, 16 May 2018

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Bank of England urged to focus on green objectives

“Climate change should be placed “front and centre” of the Bank of England’s mandate so that the central bank can boost green investment, according to a new report that has won broad backing from the chair of the UK’s climate watchdog.”

Financial Times, 15 May 2018

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Bank of England must do more to tackle climate change, says report

“The Bank of England must do more to combat climate change, including overt monetary financing of investment in a low-carbon economy, according to a new report.

The BoE must also offload fossil fuel assets and use its existing powers more effectively to promote green projects, the campaign and research group Positive Money says.”

The Independent, 15 May 2018

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‘Incoherent’: Report calls for green overhaul of Bank of England finance policy

“NGO Positive Money argues central bank needs new mandate to drive shift away from high carbon investments – or the UK risks missing its climate targets”

BusinessGreen, 15 May 2018

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The Bank of England could soon be preparing for climate change

“Green campaigners are launching a new report in Parliament today advising the Bank of England on how to become a leading enterprise in a low-carbon economy.

The document, put together by Positive Money’s researcher Rob Macquarie, argues that it is part of the responsibilities of the central bank to safeguard the national economy and the stability of the financial system. And while that aim was set following the 2008 financial crisis, the new challenges to the financial sector lie in areas slightly removed from the City’s usual worries.”

Left Foot Forward, 15th May 2018

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Bank of England should have ‘green’ mandate – report

“The Bank of England should have a mandate and specific tools to actively promote the transition to a low-carbon economy, a report published by activist group Positive Money has proposed.”

Central Banking, 15 May 2018

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Reforming the mandate for a green Bank of England

“The total value of green bonds worldwide may be valued at $900 billion but with banks in the UK alone still making billions of pounds of loans to fossil fuel companies each year ROB MACQUARIE argues it’s time for the Bank of England to take an active role in decarbonisation”

The Ecologist, 15 May 2018

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Bank sues taxman to get £239m bonus back: Credit Suisse says payment to chancellor in 2010 amounted to illegal state aid

“Fran Boait, from Positive Money, which challenges excess in the banking sector, said: ‘Even Credit Suisse’s own shareholders have voiced concerns that the bank’s executive pay is excessive.

‘But instead of turning over a new leaf, the bank is more interested in pursuing this shameless legal action against ordinary taxpayers over a levy from eight years ago.’”

The Daily Mail, 6 May 2018

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RBS: Bank branch closures will leave millions out on a limb

“When banks shut local branches they are supposed to offer alternative services, but David Clarke, head of policy and advocacy at campaign group Positive Money, said RBS has a poor track record: “Of the 51 closures the bank announced in 2016, it did not even plan to leave behind an ATM at 41 of them.””

Express.co.uk, 6 May 2018

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The Bank of England’s monetary policy has made inequality worse – this is how to solve it

“What is needed is a rethinking of monetary policy, where the central bank’s power to create money is used in a way which is more sustainable, and benefits the many, rather than just the few. If the Bank of England moves to respond to the next downturn with another dose of QE for financial markets, progressives need to be ready to call for “QE for People” instead.”

The Independent, 10 April 2018

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Ex-Lloyds chief Eric Daniels wins back £1.4m bonus for doomed deal with toxic rival HBOS

“Fran Boait of banking reform group Positive Money said: ‘A decade on from the financial crisis, ordinary people are still paying the price for banks’ reckless behaviour.

But instead of being held to account for their disastrous decisions, bosses like Eric Daniels have been rewarded with eye-watering salaries and bonuses.’”

Daily Mail, 28 March 2018

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The move from cash to electronic payments should be on our terms not the big banks’

“Our copper coins are safe for now, but there are still powerful forces including Visa, Mastercard, and the big banks, which threaten the future of cash”

The Independent, 27 March 2018

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Cash Isn’t Going Down Without a Fight in Digital U.K.

“With about 5 percent of the adult population of Britain still reliant on notes and coins for almost all their day-to-day payments, campaign group Positive Money is calling on the government to enshrine consumers right to pay with cash and protect ATMs from closure.”

Bloomberg, 20 March 2018

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Free-to-use cash machines `essential for majority´

“Some 77% of people say it is either fairly or very essential for them to be able to access a cash machine free of charge, a survey of more than 2,000 people across Britain from campaign group Positive Money found.”

Daily Mail, 20 March 2018

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UK’s PSR needs powers to protect cash – report

“A UK-based financial think-tank believes the country’s Payment System Regulator (PSR) should be given an explicit mandate to protect access to cash.

In the report, The future of cash: protecting access to payments in the digital age, David Clarke of Positive Money argues the recent decision to raise the interchange fee for cash machines will leave a proportion of the population financially excluded when it comes to payments.”

Central Banking, 20 March 2018

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Why Jeremy Corbyn needs a think tank

“In one niche field, monetary reform, one such tank has emerged: Positive Money. It was set up by a bunch of thinkers and activists (many of them from the Occupy movement) who were enraged by the rot exposed by the crisis. It is headed up by Fran Boait, who explains: “we built a movement around us; we have 45,000 people on our database and 70,000 on social media… In the UK we have 35 local groups around the country and they meet, some… do reading groups.” At times, half the outfit’s total funding has come directly from this supporter base. It makes detailed proposals on banking and Quantitative Easing, which are disdained by orthodox voices, but have sparked debate among some serious economists.”

Prospect, 19 March 2018

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VEGANCOIN: VEGANS NOW HAVE THEIR OWN ‘CRUELTY-FREE’ CRYPTOCURRENCY

“VeganCoin looks like one of the many gimmick ‘currencies’ riding off of the buzz around Bitcoin,” Fran Boait, the executive director of U.K.-based research organization Positive Money, told Newsweek.”

Newsweek, 28 February 2018

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RBS shares fall despite profit news

“There is a real risk that the privatisation of RBS will result in another colossal rip-off to the taxpayer,” Fran Boait, executive director of charity Positive Money said.

“The government now has a choice. It can either go ahead with plans to sell off most of our shares in RBS over the next year, at an estimated loss of £26.2bn, or it could hold onto the 71% stake and use the profits to fund vital services.”

BBC News, 23 February 2018

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Virgin Money joins ban on buying Bitcoin on credit cards

“Fran Boait, from campaign group Positive Money, backs Lloyds’ move”

BBC News, 5 February 2018

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The UK’s misguided obsession with GDP is driving us all into debt

“When banks offer loans, money is created as an IOU, something many MPs aren’t aware of. As a result the UK economy is based on ever growing levels of debt”

The Independent, 21 January 2018

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Unless We Kick Our Addiction to Growth, We’re Heading Towards A Debt-Fuelled Dystopia

“A new report from Positive Money, published on Thursday, proposes two remedies for this last source of growth dependency, both of which involve reforms of the money and banking system upon which the rest of the economy rests.”

Huffington Post, 19 January 2018

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Shake off dependence on economic growth, report says

“Politicians should stop using economic growth as a ‘blunt’ measure of success and instead focus on tackling inequality, poverty and the environment, according to a new report.

Called Escaping Growth Dependency, the report will be launched at the House of Commons later today by the Positive Money campaign group.”

New Start, 18 January 2018

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Bitcoin: Bubble or Brave New World?

“On Newshour Extra this week, Owen Bennett Jones and his guest discuss whether Bitcoin and blockchain are leading us to a brave new world or towards another financial crash.”

BBC World Service, 9 December 2017

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Debt-based economy is real cause of our fixation on GDP

“The economists at Positive Money among others have been working hard to raise awareness of how our money is created, the consequences of its creation by private banks and what the alternatives are.”

The Guardian, 6 December 2017

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Could we cut poverty, lower stress levels AND make housing affordable by changing how money is created? We meet the people who think so…

“Few of us give how money is created a second thought. We happily – or unhappily – earn it, owe it, trade with it, and dream of more of it.

But at the annual retreat of Positive Money, a not-for-profit organisation, attendees take a step back and question how it is made and whether or not this is working.”

This is Money, 27 November 2017

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Change The Record This Budget Day

“From the waves of protest around the world sparked by the economic crisis, to the recent Paradise Papers that helped pulled back the veil of secrecy from tax havens and financial trickery, the reality behind the ‘growth at all costs’ narrative is being exposed. And people are finding alternatives. Positive Money are working with some of the leading economists, academics, and policy-makers to bring about a fairer money and banking system.”

Huffington Post, 22nd November 2017

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UK jobs market ‘loses momentum’ as real wage squeeze continues – as it happened

“Positive Money’s director Fran Boait hopes that Philip Hammond can help next week – especially as the Bank of England has raised the cost of borrowing”

The Guardian, 15th November 2017

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The magic money tree does exist, according to modern monetary theory

“Remarkably, the elemental question – where does money come from? – does not have a settled answer amongst economists, experts and policy makers. Organisations such as Positive Money have already embarked on the process of demystifying money creation.”

The Independent, 5th November 2017

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Protesters gather outside Bank of England with rates set to rise for first time in a decade

“The group — from an organization called Positive Money — is campaigning for a banking system that “supports a fair, sustainable and democratic economy.” It is arguing that higher interest rates will strangle the U.K. economy.”

MarketWatch, 2nd November 2017

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INTEREST RATE RISE won’t hurt homeowners, but could DAMAGE UK ECONOMY

“Consumer campaign group Positive Money were staging a day of action on falling wages in Threadneedle Street today.

Organisers are calling on policymakers to prioritise measures that will boost incomes rather than a “damaging” rise in interest rates that will hurt millions of struggling households.”

Express, 2nd November 2017

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Protests outside the Bank of England

“A group of demonstrators have gathered outside the Bank of England.

They’re from Positive Money, a group pushing for ‘QE for People’ — the idea that Britain creates new money to spend on green infrastructure, education or other social benefits.”

The Guardian, 2nd November 2017

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Five in Six British MPs Don’t Know How Money Is Created

“Most consumers don’t hold politicians and elected officials in high regard these days. Ever since the financial crisis which began in 2008, the level of trust between civilians and their leaders couldn’t be lower. Regaining that trust will be rather difficult, if not entirely impossible. That’s especially true when surveys such as the one conducted by Positive Money placed political leaders in an even more negative spotlight.”

The Merkle, 31st October 2017

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How the actual magic money tree works

“Shock data shows that most MPs do not know how money is created. Responding to a survey commissioned by Positive Money just before the June election, 85% were unaware that new money was created every time a commercial bank extended a loan, while 70% thought that only the government had the power to create new money.”

The Guardian, 29th October 2017

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“Shocking ignorance” from MPs who don’t know where money actually comes from

“Almost two-thirds of the 50 MPs surveyed by Dods for campaign group Positive Money wrongly thought banks can’t create money, while a quarter admitted they didn’t know.”

City AM, 27th October 2017

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The Tories should do something bold in their Autumn Budget: QE for the People

“Instead of pumping money into financial markets, Hammond should fund infrastructure and green technology – or give households a direct cash boost.”

Left Foot Forward, 25th October 2017

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Pound jumps on rate hike forecasts

“Fran Boait, director of the Positive Money campaign group, argues that interest rate shouldn’t rise until wages have caught up with inflation.”

The Guardian, 25th October 2017

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November interest rate rise is likely but risky – analysis

“Rob Macquarie, an economist at the Positive Money campaign group, told Mortgage Solutions that “monetary policymakers are aware that UK growth is the slowest in the G7, and that business confidence is fragile due to Brexit, so any rise is likely to be limited.””

Mortgage Solutions, 17th October 2017

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The UK economy is hooked on rising asset prices. What happens when the bubble bursts?

“The risks of a private debt crisis are real enough. But the existential threat is that this will happen together with the bursting of the greatest asset bubble in modern economic history, just at the point when the Bank of England has no room to lower interest-rates. When consumer credit stops flowing and debtors try to pay back the money they owe, and when financial asset prices can no longer defy gravity, UK household spending will plummet. Then maybe, in a weak voice, we will ask one more question: why was no one able to foresee this?”

openDemocracy, 27th September 2017

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What will justify an interest rate rise in November?

Raising interest rates at a time when real wages are falling risks unleashing forces the Bank can’t handle, according to Edward Smythe, an economist at the Positive Money campaign group. “There’s a risk to consumers, who are already struggling to keep up, being overwhelmed by the higher debt servicing costs,” he said.

The Guardian, 17th September 2017

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The Debt Ceiling And #MintTheCoin: Another Teachable Moment For A Sustainable Money System

“Yellen could implement, or at least propose, QE for the people, providing the citizen’s dividend mentioned above to people rather than the previous rounds of Quantitative Easing that only lined Wall Street’s pockets. She could convene study groups to assess proposals by the group Positive Money, which advocates for government to issue money, instead of private banks.”

Huffington Post, 6th September 2017

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We’re addicted to debt and headed for a crash. It could be worse than 2007

“Edward Smythe of the campaign group Positive Money, breaks it down: “If you look at total outstanding consumer loans, in July, they’re at £200bn, an £18.5bn net increase every year.”

The Guardian, 4th September 2017

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At Jackson Hole, the death of an economic model may concern central bankers

“The inverse relationship between unemployment and inflation is dead. The proliferation of low-wage, irregular and insecure jobs means that wage pressures – and therefore spending power – are subdued even as unemployment falls” says Positive Money’s Ed Smythe

CNBC, 24th August 2017

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Pound falls to new eight-year low against euro; Draghi defends QE – as it happened

“On the agenda for Jackson Hole should be the option of governments using money creation rather than borrowing to boost productive investment.”, says Positive Money economist Ed Smythe

The Guardian, 23rd August 2017

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Quantitative easing is like heroin, says former Treasury official

Positive Money campaigners protest in front of the Bank of England in London, calling on the government and the Bank to abandon QE

The Guardian, 21st August 2017

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We’re racing towards another private debt crisis – so why did no one see it coming?

A recent survey showed 90 per cent of MPs don’t even understand where money comes from (they think it’s issued by the Royal Mint).

The New Statesman, 18th August 2017

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10 years on, what might cause the next financial crisis?

“We’re reliant on high asset prices and continuing to inflate those asset prices, coupled with high levels of consumer borrowing, and that’s a bit of a toxic mix which leads to financial instability,” Fran Boait, executive director of the London-based campaign group Positive Money, told DW.

Deutsche Welle, 11th August 2017