Thursday, October 27, 2016

Delivering an economy that works for everyone


Jim said...

Let me get this right,

We have a system where by people create "money" from nothing, then lend it to others and charge interest, in the same money that has not yet been created, so it depends on an ever "growing" economy (i.e. more people "lending" money into existence at interest) to repay it, in a world of finite resourses?

erm, yeah, and some people say i am MAD, just look at that model.

then tell me you are happy the economy has "grown"

Chris Whiteside said...

The banking system can create money but not from nothing and not without limit: interest is paid from money which has been created: and the National Statistical Office figures I quoted are based primarily on estimated of real goods and services produced and sold, not just financial flows. The numbers are not perfect and may be revised as more information comes in, but I do believe that they are a great deal more reliable than, say, the average opinion poll.

You are entitled to point out that comparison is not saying much.

Jim said...

"The banking system can create money but not from nothing and not without limit"

I would disagree, i think it is "from nothing" and the limits are not real as such.

Pretty much as explained in this seris

Chris Whiteside said...

We are in some danger of getting into a "how many angels can dance on the head of a pin" argument here.

The Positive Money campaign group which produced that video is campaigning for a particular set of changes to the way we organise currencies which amount to a far more restrictive state control of money. You can read their proposals at

I don't agree with those proposals and I don't think they sit very easily with the Harrogate Agenda either though you may have a different view on that, Jim.

Jim said...

I dont agree with their objectives either, but I find it difficult to argue with their facts of where money comes from and how its created.

If that fact does not "fit" with something else then that is my round hole to square. Its a bit like thinking "this politician has nothing to add because he is in the Labour party" - of course a lot of them have addded a lot of value to many debates.