Five years after the financial crisis started, the mainstream media are starting to wake up to the need to reform the monetary system, according to Positive News, 26th Sept 2012.
Here is a short extract:
Positive Money is often labelled as ‘radical’ for arguing the power to create money should be removed from the banks that caused the crisis.
Yet on 28 June, we spotted Martin Wolf, chief economics commentator of the Financial Times, agreeing: “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.”
This was closely followed by articles the The Independent and the Guardian. Both explained that the 1844 law that made it illegal for anyone other than the state to create paper money, has never been updated to take account of the fact that 97% of money is now just electronic numbers in the computer systems of banks. As a result, the state has effectively handed the power to create money to the private banking sector, and we all know how that ended.
Read the whole article: Media picks up on need to reform money