Q&A: Positive Money

21st August 2012

 

positive money

Positive Money is relentlessly focused on exposing flaws in the existing monetary system — including highlighting the fact that 97% of UK money is created "out of thin air, by private sector banks" — and proposing workable alternatives. Many of the blogs are written by Positive Money founder Ben Dyson. One of his goals is to "redress the imbalance of power that exists with regards to the banking sector. We aim to ensure that politicians are given accurate information about the real impacts that the banking sector has on our society and economy, as a way of countering the biased information given by lobbyists for the large banks."

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What inspired you to first start blogging?

Back in 2006 I stumbled across a book – the "Grip of Death" by Michael Rowbotham – which claimed 97% of the money that exists was created by high-street banks, through the accounting process they use when they make loans. It seemed obvious that a system that worked that way, and which was creating tens of billions a year in new money and debt, would eventually collapse. In 2007/2008, it did collapse.

For a couple of years I watched the crisis play out and expected journalists to start talking about this issue of banks create money, but they never did. So in 2009 I started blogging at my personal website, and then a year later set up Positive Money to try to raise the awareness of how this system works and why it's so harmful.

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