Podcast: The "Magic Box" of Money Creation

In this podcast the filmmaker Mike Freedman talks to Positive Money’s Ben Curtis and Ben Dyson about the way money is created, how it affects everything from politics to the environment, what’s wrong with the current system and what we can do to fix it.

Mike Freedman is producing  a feature-length documentary “Critical Mass” about the relationship between human population growth and the converging environmental crises of the 21st century. He describes the film as “a call to action for people everywhere to take responsibility for themselves and accept their role in the emerging global community before it is too late”. You can find out more about the documentary on the website http://www.criticalmassfilm.com, and you can listen to the podcast below:

“…there is this magic box out there and anybody who has this magic box can just pull money out of it. Over the centuries kings and private banks fought for control over this “Magic box”. Now it is in the hands of private banks. But, if we would give it to the hands of governments, they probably would abuse it for their own benefit as well.

“So, the best solution is to put this box in the centre of the society, so that everybody knows where it is and how exactly it is being used.

“In practical terms it means giving the power to create money to an accountable and transparent body, such as the Monetary Policy Committee at the Bank of England …and make sure that we know exactly what they are doing, how much money they have created in any moment and where that money is going…