Where does money come from? How is money created? Can commercial banks create money by issuing new loans? Knowing that electronic money represents the majority of the total money supply, have we privatised the creation of money in our societies?
Ole Bjerg believes that we have handed a vital societal power – money creation – to the financial sectors, and that this leads to instability, inequalities and a concentration of power outside democratic institutions. Facing this gloomy situation, he highlights the solution: a sovereign money system.
Ole Bjerg is an Associate Professor in the Department of Management, Politics and Philosophy at Copenhagen Business School, and co-founder of Gode Penge, an initiative for the democratization of the monetary system.
This talk was given at a TEDx event using the TED conference format but independently organized by a local community.