We’re launched in late 2010 and have already made significant progress. We have drafted comprehensive reform proposals for the UK banking sector (which would remove the ability of UK banks to ‘create money’), and turned these proposals into a book called Modernising Money, and into draft legislation. This book has been featured by the Financial Times’ chief ecoomics commentator, Martin Wolf. We have held events on this issue in the Westminster parliament, Scottish parliament, and in the Welsh Assembly, as well as presenting these proposals in person to the government-established Independent Commission on Banking.
We worked with the New Economics Foundation to research and produce the book Where Does Money Come From? which was described as ‘refreshing and clear’ by a member of the Monetary Policy Committee of the Bank of England. The book is already being used as a course text in money and banking courses at UK universities, and prompted the Bank of England to publish articles confirming how money is created by banks.
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