Money creation should be controlled in a transparent and democratically accountable manner. The current system leaves control of money creation in the hands of banks. At the moment there is no real democratic oversight when it comes to money creation, and this has to change. The Bank of England may not be perfect, but at least once the power to create money is out in the open, we know who to hold to account for any mismanagement of this power.
Posted in: 3. The Positive Money proposals