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Increasing Competition in Payment Services (Report)

competition in payment services

Since the crisis the government has been keen to encourage more competition between banks. Their main focus has been making it easier for people to switch their current account between different banks. But we think this misses a bigger opportunity: there is much more potential for competition from technology firms and mobile app developers, who could develop current/checking accounts and more user-friendly ways of handling your money and payments.

Andrew BuckleyThat's exactly right. When people are taught that they all deserve the same rights, they get outraged when it is demonstrated that they don't have them. When people are taught that the amount of money is determined for their benefit, they will be outraged if there is obvious misconduct in the proc...

December 2014

Andrew BuckleyThat's about as much as I know as well :). I don't think one can know any more about it until it's actually attempted....

December 2014

Fran GriffithsYou can think messy reality through as much as you like but it will still surprise you! And as you are thinking people continue suffer the consequences of a truly abysmal system. The representatives of the way things are would like us to argue for ever. While we fight amongst ourselves are leaving ...

December 2014
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ETNIKSI am so glad you in Britain are getting your Parlamentarians to discuss this most important issue and elevate the degree of consciousness they have regarding the importance of Money Creation relative to the Global Debt Crisis we're suffering....

November 2014
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POLL RESULTS: Only 1 out of 10 MPs understand that banks create money

MP poll

MPs lack basic knowledge about the fundamentals of money, leaving them ill-equipped to understand the impending dangers of another house price boom or a second credit bubble, according to an exclusive Dods Monitoring poll commissioned by Positive Money, the campaign body calling for fundamental reform of our money and banking system.

Gregory SchoenmakersEven if the government issued the money directly, it would still be a debt for the government. The difference is that like the BoE, it wouldn't have to redeem these IOUs for anything; they just call it "legal tender". (It is different for private banks which must be willing to redeem their created b...

October 2014

Gordon BrooksThat brings up the question, though: if the Bank of England is, in fact, part of the government, then why does it issue money as debt? It makes absolutely no sense for a government to sell bonds to itself....

October 2014

Gregory SchoenmakersThe BoE is a nationalized central bank meaning it is part of the government. So any money owed by the government to the BoE is just money owed by one department to another. That doesn't mean that buying up bonds is a good idea. It is sending newly created money to the wrong places - the very rich....

October 2014
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Why we disagree with Ann Pettifor


A couple of months ago, Positive Money's proposals to reform the creation of money were featured by Martin Wolf (the chief economics commentator at the Financial Times). In an article entitled "Why I disagree with Martin Wolf and Positive Money", veteran campaigner and economist  Ann Pettifor responded that the proposal is 'deeply flawed', 'outlandish', and would lead to "a shortage of money, high unemployment and low economic activity".

glenzo59Seems to me as if your 'plan' is just another angle on central planning that has centralized decision making, given government much more power than it can handle and has created an environment that will eventually destabilize into a total financial calamity. Good luck with giving government an even...

August 2015

Gerald HolthamThe argument for banks creating money is that the creation is supposed to be "bottom up", that is the result of a myriad of individual credit decisions. Since the banks are commercial organisations they are not supposed to make bad loans or extend credit to the uncreditworthy. They will therefore ...

July 2015

sacicrI would like some one to evaluate what I say here. Because I am not an expert, but I think Anne Pettifor is wrong for the following two reasons (apart from all those mentioned in the above article).1) If 97% of the money supply is created as a debt, compound interest will make the debt grow exponent...

August 2014
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