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Anyone had an email from Positive Money and their campaign on Banking Reform.

I have and think I will sponsor £10 per month, a small amount, but I fully take their point about the relative sums spend by the banking lobby.

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Good find Mikhail. Looks like it's just started up (2,419 users)? But imagine if everyone signed up and maybe donated a fiver (that's about the price of a lunchtime sandwich nowadays) it might make a dent of a difference.

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I believe it's related to the Proposed Bank of BoE Act - Ben Dyson is certainly involved in that too.

I worry that these guys miss the point/problem a bit, but it's good to hear that they are looking for changes. The debate being carried forward by MPs Carswell and Baker seem to be on the right track though - let people choose whether the bank or the depositor owns the money and let the free market (ie. individuals) decide what levels of counter party risk they want to be exposed to. More here: http://www.positivemoney.org.uk/2010/11/banking-reform-debate-in-parliament-monday-29th-november/

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I saw Ben Curtis give a presentation on this in Bristol. The gist of their full reserve banking proposal was to take all the money that actually exists in this economy right now and call that our money. It sounded a bit idealistic on 2 counts. The first was they don't propose any debt amnesty, the idea being that even though the money loaned to people was fictitious those in debt have to earn the real money to repay their old debts. Surely though new money would be worth much more than old 97.5% phantom money which would hugely inflate the debt. Considering how much debt there is out there this is a huge consideration which he didn't seem to have much concern for, of course for us frugal types it would be a huge reward for owning real money.

The other point was that as a country we are in a huge amount of foreign debt. Don't we need to settle our accounts before we can change the rules of the game?

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