Over the last 5 years, there have been some big milestones for the campaign to reform the money system. Within the UK, Positive Money has sparked a debate amongst policymakers, key academic thinkers, politicians, and the Bank of England. But, that is just the beginning. The International Movement for Money Reform is taking off across the world:
It is surprising that there is any debate about how banks work: surely it is crucial to an understanding of the drivers of both the financial system and the economy, reads The Financial Times, 8th June 2015.
The richest 1,000 people have more wealth (£547 billion) than the poorest 40% of households (£452 billion). Last year they saw their wealth increase by a staggering £28.151 billion, the equivalent of £77 million a day, or £893 a second, according to the annual Wealth Tracker report by The Equality Trust.
Why the failure of Kaupthing Edge teaches us nothing about full reserve banking (A response to Dow, Johnsen and Montagnoli)
In their paper "A critique of full reserve banking", Professor Sheila Dow, Alberto Montagnoli and Gudron Johnsen argue that the failure of one of the Icelandic bank's subsidiaries is evidence that full-reserve banking would not make the financial system safer. Here we explain why the case study is not applicable, and teaches us nothing about the impact of full reserve banking.