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Ben Dyson (Positive Money)

Ben is Positive Money's Head of Research. He founded Positive Money in 2010 and is a co-author of Modernising Money. Ben's research focuses on potential reforms better forms of monetary policy, structural reforms to the banking system, and the potential for technology to disrupt the payment and banking systems.

Marco SabaThis is the unaddressed point: Seigniorage: The Honest Government's Guide to the Revenue from the Creation of Money http://leconomistamascherato.b......

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Bank of England: Digital Cash – the end of monetary policy as we know it?

bank of england digital currency

Last week the Bank of England released a key paper that analyses the 'macroeconomics of central bank issued digital currencies'. The paper essentially asks what would happen if people could hold money electronically at the central bank, instead of having to use bank deposits (created by commercial banks). We wrote about it briefly last week but we're still working through the fine details of the 69-page mathematical model to figure out the implications for our work. In the meantime, the Bank of England's staff blog has just released a much more accessible discussion of the issues:

Vince RichardsonOK I ve no objection to that,far as I am aware that is what we all want.It has to be open and honest so everyone can see what is going on and where and how that money is created.Well in simple terms anyhow...

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Marco SabaAbout the fact that: first, the money created by the banks and BofE carry a seigniorage which is not returned to the HM Treasury; Second, by not recording properly this seigniorage in their own books, the banks are simulating a stressed situation asking for help from the same taxpayer victimized bef...

last month

Vince RichardsonDon't follow that sorry.The equity thing is as you say is mere accounting practice.The money can be created and spent into the economy ,which is the end product.How we get to that stage I care not.The BoE creates money (or helps the government destroy it)as is necessary ,what are you concerned about...

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Our response to critics in the Cambridge Journal of Economics

Cambridge Journal Response

The Cambridge Journal of Economics (probably the leading journal of Post-Keynesian economics) has published an entire special issue on "Cranks and brave heretics: Rethinking money and banking after the Great Financial Crisis", inviting a range of academics to comment on proposals to stop banks creating money (amongst other ideas for monetary reform).

joebhedSorry, gang, stopping banks from creating money would indeed cause the economy to crash - if we leave it to these P-Ks to implement. But, rather, a monetary policy administered by a pubic authority empowered to create and issue the money would raise instead that valid, age-old stickler among public ...

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Vince Richardson""We argue that the reality of bank lending and firm investment is a challenge to this assumption and ignores the fact that the central bank can always create money to finance lending to the real economy"Not sure about this,surely we are about the state spending into the real economy?This lending bu...

last month

ckmurrayHave you read about Australia's experience with the Commonwealth Bank which was a government owned central bank + retail bank in the early 1900s? https://en.wikipedia.org/wiki/...Seems very relevant to the issue of private vs public created money....

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Bank of England releases key paper on digital cash and blockchain

Screenshot 2016-07-19 13.36.01

The Bank of England has just released its most significant paper yet. Macroeconomics of central bank issued digital currencies, by John Barrdear and Michael Kumhof, discusses the consequences of the central bank making a digital form of cash available to the general public, so that they are no longer forced to use bank deposits to make electronic payments:

Dwain DibleyDeny much?...

4 weeks ago

Gregory SchoenmakersProject much?...

4 weeks ago

Dwain DibleyThat's funny Gregory, you allowing your cognitive dissonance to get the better of you. Well, don't let facts bother you, you are perfectly free to continue to believe as you'e been told to believe....

4 weeks ago
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joebhedLinda,"helicopter money" is a jingoistic euphemism that does more to confuse than explain anything relevant to 'public' or 'peoples' money .So, please explain what YOU mean by 'helicopter money'.The 'helicopter money' WANs most popular today are central bank money issuance, kind of like direct depos...

4 weeks ago

James MurrayLinda,I am sorry but I cannot follow your assertions.Do you have any links which may explain?Jim Murray...

last month

LindaOAre you aware that FinTechs are an even a bigger monsters? That's why the policy change. FinTechs are not about any new banking model. FinTech sounds fantastic as a buzz word, but they use the existing banking models with scrupulous conditions, non-negotiable !!That's why the Bank of England will gr...

June 2016
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