Positive Money UK

[matthewh3]

http://www.positivemoney.org.uk/

When money drives most of the activity on the planet, it's essential that we understand it.

Positive Money believes that the root cause of many of our current social, economic and environmental problems lies in the way that we allow money to be created. We campaign for fundamental reform of a system that is fueling debt, poverty and our economic and environmental crises.

http://www.positivemoney.org.uk/

[matthewh3]

http://www.positivemoney.org.uk/

When money drives most of the activity on the planet, it's essential that we understand it.

Positive Money believes that the root cause of many of our current social, economic and environmental problems lies in the way that we allow money to be created. We campaign for fundamental reform of a system that is fueling debt, poverty and our economic and environmental crises.

http://www.positivemoney.org.uk/

http://www.positivemoney.org.uk/our-proposals/

This proposal for reform of the banking system explains, in plain English, how we can prevent commercial banks from being able to create money, and move this power to create money into the hands of a transparent and accountable body. It builds on the work of Irving Fisher in the 1930s, and James Robertson and Joseph Huber in 2000.

Removing the power to create money from the banks would end the instability and boom-and-bust cycles that are caused when banks create far too much money in a short period of time. It would also ensure that banks could be allowed to fail without bailouts from taxpayers. It would ensure that newly-created money is spent into the economy, so that it can reduce the overall debt-burden of the public, rather than being lent into existence as happens currently.

The content in this paper was written in May 2010, and has been occasionally updated since then. In mid-2012 Positive Money will release, as a book, a much more comprehensive guide to these reforms, which will also address some of the common objections and misconceptions about the implications of ‘full-reserve’ banking.

http://www.positivemoney.org.uk/our-proposals/

[knight22]

I totally agree this reform proposal

[matthewh3]

I totally agree this reform proposal

Yeah there basic principles suit bitcoin ideology.

[Stephen Gornick]

Yeah there basic principles suit bitcoin ideology.

Is it?  From what I could tell, basically they are simply saying why let a private bank run the printing press and then pay interest on that money when the State could just print money itself, free of debt?   Which, if that is all the B of E is doing (printing on behalf of the State), then that makes sense.  

The missing component is ... what limits the amount of money issued?  If the issuance (and destruction) of money is the amount necessary to ensure stable prices, then that might work.  If it instead is to fund State spending, then this puts a nation on the fast track to becoming Zimbabwe.

Their talking points mention that the power to print isn't in the hands of the "vote-seeking politicians" but I didn't see how that is ensured.

[matthewh3]

Yeah there basic principles suit bitcoin ideology.

Not really, from what I could tell.  Basically they are simply saying why let a private bank run the printing press and pay interest on that money when we could just have the State print money.   Which, if that is all the B of E is doing, then that makes sense.  

The missing component is what limits the amount of money issued?  If the issuance (and destruction) of money is the amount necessary to ensure stable prices, then that might work.  If it instead is to fund State spending, then this puts a nation on the fast track to becoming Zimbabwe.

Yeah but if you read this section - http://www.positivemoney.org.uk/how-banks-create-money/ - without mentioning bitcoin it makes it seem like the best invention since sliced bread.  Any group who are educating people about fiat (debt) money are doing good.  I've spoken to people and when you question them they still think the gold reserves are backing cash and they have no idea fiat cash is just a virtual debt token.

 

[knight22]

Yeah there basic principles suit bitcoin ideology.

Is it?  From what I could tell, basically they are simply saying why let a private bank run the printing press and then pay interest on that money when the State could just print money itself, free of debt?   Which, if that is all the B of E is doing (printing on behalf of the State), then that makes sense.  

The missing component is ... what limits the amount of money issued?  If the issuance (and destruction) of money is the amount necessary to ensure stable prices, then that might work.  If it instead is to fund State spending, then this puts a nation on the fast track to becoming Zimbabwe.

Their talking points mention that the power to print isn't in the hands of the "vote-seeking politicians" but I didn't see how that is ensured.

I think that using this system combined with bitcoin can be the best system we ever had. Bitcoin would be a good backup if the government tend to loose control.