Can Positive Money help fix a fatally flawed banking system?

An article was published in Ecologist, 17th August 2011, here is an extract:

Banking reform might sound like something of a departure from the green agenda but Dyson believes it underpins everything ecologists hold dear.

Tackling climate change, corporate responsibility and transitioning to a post-peak oil, low-carbon society are all, he believes, virtually impossible without reforming banking.

‘If what we’re campaigning for was implemented, it would free up the billions needed to transition to a green economy and banks’ investment portfolios would reflect the interests of society as opposed to short term profits.’

‘When you put money in the bank it becomes the banks’ legal property to do as they like with,’ he explains. ‘Regardless of your ethics this money is used to invest in ventures such as large scale oil and gas infrastructure and weapons manufacture that give the banks short-term profits. Our proposals would give customers a choice in how their money was invested.’

…

Regardless of the potentially epic impact banking reform could have on ecologist’s goals, a campaign with debates about the dangers of fractional reserve and fiat currencies at its core will never win hearts as easily as a call out to save the pandas, stop gas fracking or halt tar sands. ‘Capturing interest is a major challenge,’ agrees Dyson.

Read the whole article here