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Dave Beans

Money Creation Debate In Parliament - 20Th November

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http://www.positivemoney.org/2014/11/uk-parliament-debate-money-creation-first-time-170-years/

https://www.positivemoney.org/wp-content/uploads/2014/11/Backbench-Briefing-Note.pdf


A 2010 survey shows that two-thirds of the British public believe that banks take people savings and lend those savings to borrowers -suggesting that the British public do not understand that private banks create money out of nothing. In a time when finance literacy is becoming compulsory in education, a better understanding of how banks and money work is vital.

When MPs don't even know the difference between deficit and debt, I don't hold out for much..

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Guest UK Debt Slave

I absolutely guarantee, it will be an utter waste of time.

The sad fact is, the people who create credit make the rules and the Bank of England is lender of last resort to the government and the private banking system

It will require a peoples' revolution to topple this system. The political class wont dare change it.

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I absolutely guarantee, it will be an utter waste of time.

The sad fact is, the people who create credit make the rules and the Bank of England is lender of last resort to the government and the private banking system

It will require a peoples' revolution to topple this system. The political class wont dare change it.

+1

They want to keep us financially illiterate..

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I was watching the news last night and apparently the Eurozone is being flooded with fake 50 euro notes from China, bought over "da darknets". As with most Chinese copies the notes are very convincing with the holograms and watermarks. I don't know if automatic tills will take them but it would be hard for a shopkeeper to tell the difference.

Given that the central banks don't mind printing money and handing it out to their mates I thought is it that wrong, morally, to do the same?

Edited by davidg

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I was watching the news last night and apparently the Eurozone is being flooded with fake 50 euro notes from China, bought over "da darknets". As with most Chinese copies the notes are very convincing with the holograms and watermarks. I don't know if automatic tills will take them but it would be hard for a shopkeeper to tell the difference.

Given that the central banks don't mind printing money and handing it out to their mates I thought is it that wrong, morally, to do the same?

I suspect the choice for them counterfeiting a foreign currency, rather than their own domestic currency, is that if caught they won't automatically face the death penalty?

Who knows they might even get some local award for creative entrepeneurship?! :lol:

Perhaps they have already covered their ars* and arranged their defence by printing, in uber microscopic print in some corner of the notes, a 'Made in China' logo and claim the notes are for fun/educational/etc use only - rather like all the tungsten gold plated bars they have been flooding the markets with. :D

Edited by anonguest

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Banks dont create money out of thin air...

Central banks do that.

Banks create credit out of thin air.

Without them, you cant spend it though.

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A 2010 survey shows that two-thirds of the British public believe that banks take people savings and lend those savings to borrowers

The interesting thing about this belief is that most people also believe that their money is at all times safely held in their account ready to be accessed at any time. So it's other people's money the banks lend out. After all if they went to the bank to withdraw cash and were told they could not have any because their savings were on loan to someone else they would be outraged- despite the fact that this is what they believe goes on.

The amazing truth is that people spend much of their waking lives either working to earn money or worrying about not having enough of it but most have no idea what money is or how it actually works.

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The interesting thing about this belief is that most people also believe that their money is at all times safely held in their account ready to be accessed at any time. So it's other people's money the banks lend out. After all if they went to the bank to withdraw cash and were told they could not have any because their savings were on loan to someone else they would be outraged- despite the fact that this is what they believe goes on.

The amazing truth is that people spend much of their waking lives either working to earn money or worrying about not having enough of it but most have no idea what money is or how it actually works.

See Paddington Bear.

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Banks dont create money out of thin air...

Central banks do that.

Banks create credit out of thin air.

Without them, you cant spend it though.

So when I spend my credit with your company and they use it to pay your wages is it still credit, then when you spend it down the supermarket is it still credit then.......

There is no difference, less so when you consider that on aggregate the debt can never be repaid.......

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Credit pays wages....the more they can get the more they can get paid.....but all credit has a cost to it....affecting creditability, poor creditability is very costly indeed...you don't want to go down that path it is frozen.

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I was watching the news last night and apparently the Eurozone is being flooded with fake 50 euro notes from China, bought over "da darknets". As with most Chinese copies the notes are very convincing with the holograms and watermarks. I don't know if automatic tills will take them but it would be hard for a shopkeeper to tell the difference.

Given that the central banks don't mind printing money and handing it out to their mates I thought is it that wrong, morally, to do the same?

Noticed all notes were passed through a real note identifier machine before they could be spent...there is a difference...... But how can anyone tell the difference between one digit and another on a computer screen?

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