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New Report: Why State-Issued Money is Not Debt

Screenshot 2016-04-11 16.59.58

Positive Money advocates a shift away from the current ‘debt-based’ monetary system, in which almost all money is created by commercial banks when they make loans, to a ‘sovereign money’ system in which only the central bank is able to issue new money. In the past, we’ve described sovereign money as ‘debt-free money’, because it is spent into the economy without any household or firm taking on further debt.

Economic ReformJohn Hermann:-- I would not call it equity, in my view this is the wrong terminology. Treasury's accounts are uniquely special, and unlike the accounts of commercial banks with the central bank....

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Economic ReformJohn Hermann:-- It's a deposit of bank credit money....

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Vince Richardsonthe ECB has "Resources" eh?..I do like that one,typical central bank speak....

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Mervyn King’s “Pawnbroker for All Seasons” Explained

Mervyn King The end of alchemy pawnbroker for all seasons

Lord Mervyn King, who was Governor of the Bank of England from 2003-2013 and saw the financial crisis play out from the centre of the action, has just released his new book, The End of Alchemy. Our short review of the book is available here. This article explains his proposal for the Bank of England to become a "Pawnbroker for All Seasons".

Roger Glyndwr LewisI would take King over Carney any day of the week. Central Banking has returned full circle to the days of Josiah Stamp. I have recently completed an epic poem , demi-epic maybe 2500 words of plain verse. http://letthemconfectsweeterli......

March 2016

Marco SabaI agree with Ben....

March 2016

Vince RichardsonIsn't this what the ECB has been doing with its LTROs?Far as I see it it is just more tiding banks over till things pick up routine.Banks get far too much preferential treatment as it is,and the economy still does not pick up.Once we have got to this stage the damage has been done,the economy is on ...

March 2016
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Mervyn King’s New Book: The End of Alchemy

Mervyn King End of alchemy

Lord Mervyn King, who was Governor of the Bank of England from 2003-2013 has just released his new book, The End of Alchemy. The book is not a memoir of his time at the Bank of England; he comments that historians will be able to give a less biased view of his performance in that time, and that most biographies of this kind have been self-serving. Instead, it's his analysis of the problems with the current financial system.

The moral dustbinShame that King repeats the old barter myth-which has largely been busted by anthropologists such as David Graeber....

March 2016
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Exopolitics HungaryFrom the story of one of the fathers of the former version of the Euro, Bernard Lietaer, we know that the purpose of all central banks is NOT to change anything in the banking system, but leave it EXACTLY as it is. A central banker of the Bank for International Settlements (Basel, Switzerland) educa...

March 2016

bankster01I think many countries will have to adopt a form of Sovereign Money system within the next 30 years. Ageing societies wish to take on less debt from the banks compared to younger populations, and automation (machines don't have to borrow) means money will have to be created by other ways apart from ...

March 2016

Vince RichardsonJust one myth after the other in there.Swiss banking is corrupt(tax evasion,money laundering,rate fiddling) UBS also needed a taxpayers funded bailout,of course this is ignores any of those "risks",what is there left to defend?.This article is a good "place holder"for this story.We need to come ba...

March 2016
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SteveBI think you are probably right in all you say.I do think that physical cash has a limited future and that its disappearance will be a significant door closing. More could/should be made of the civil liberties and democratic implications of monetary reform proposals IMO....

February 2016

Lucian AerisThe desire for anonymity and privacy largely comes down to how much trust there is amongst the general population in the authorities. If Positive Money's proposals were to come into effect it might be assumed that people, having experienced the benefits, would regain a level of trust in the authorit...

February 2016

theGreatFuzzyInterestingly decentralised systems are on the rise, and offer some hope. For instance bitcoin is a decentralised system and while it's only psuedanominous it is possible to make it pretty near impossible to trace transactions (I don't know if it can be made totally impossible to trace). Of course ...

February 2016
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