After a series of articles in mainstream media on debt-based money creation by commercial banks recently, there is more great news: Now support for reform of the monetary system comes from a very unlikely source…
1. IMF Working Paper Offers Strong Support for Full-Reserve Banking
The IMF has released a discussion paper in which the authors advocate Irving Fisher’s original 1930s proposals for banking reform, which remove the ability of banks to create money and which are the inspiration for Positive Money’s own proposed reforms. They’ve used state of the art economic modelling, and found strong support for the benefits of the proposals – reducing debt, making the banking system safer and stopping the instability in the money supply
“The effectiveness of countercyclical policy would be further enhanced under the Chicago Plan relative to present monetary arrangements. [B]ank runs can obviously be completely eliminated… It would lead to an instantaneous and large reduction in the levels of both government and private debt, because money creation no longer requires simultaneous debt creation…”
2. Help Wanted: Organise a film screening in London
Today, when we hear from everywhere every day about the banking frauds, austerity, double-dip recession, bailouts of banks etc. and we see that our leaders don’t have any workable solution to get the economy working again, the film 97% Owned is the most relevant documentary. It reveals the puzzle that economists were missing when they failed to predict the crisis. It is the same puzzle that most of them are still missing today to get us out of this crisis. The film explains the crucial questions which usually get overlooked: “Where does money come from? Who creates it? Who decides how it gets used?”, based on in-depth research and solid evidence.
Many screenings have being organized around the country…but only few of them were in London, the largest UK city and financial centre! Do you live in London? Do you think more people should learn about money? Organize one!
*Supporters from all other areas are very welcome to organize screenings too, of course 🙂
3. Success of Move Your Money UK Campaign
Half a million of people have moved their money so far this year. Since January 2012 Move Your Money UK estimates that 500,000 people have switched their current accounts to ethical alternatives such as Co-ops and mutuals.
The key to address the root cause of our current social, economic and environmental problems is to reform the way how money is created. But in the meantime, you can help chip away the power of big banks by moving your money. Move Your Money UK campaign aims to reach more than a million by the end of the year. Tell your friends by email or Facebook and get them moving too.
4. Upcoming Events
Shropshire, Thu 23 Aug – Where does money come from?
London-Vauxhall, Mon 27 Aug – “97% Owned” Screening
Cardiff, Thu 30 Aug – Change Money, Change the World!
Portsmouth, Tue 11th Sept – “97% Owned” Screening