Financial Times published an excellent article of Martin Wolf, the chief economics commentator of FT and member of the UK government’s Independent Commission on Banking in 2010-2011, on Thursday June 28th, 2012: The case for truly bold monetary policy.
Here is a short extract:
It is the normal monetary system, in which the “printing” of money is delegated to commercial banks, that needs defending. This delegates a core public function – the creation of money – to a private and often irresponsible commercial oligopoly…
