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| − | abIf the American people knew thongit, exactly how the monetary and banking system worked, there would be a revolution before tomorrow morning. Henry Ford, founder of the Ford Motor Company, is quoted as having said much the same thing early in the 20th century.And no wonder that Mervyn King, governor of the Bank of England, said as recently as October 2010 in a speech he gave in New York, “Of all the many ways of organising banking, the worst is the one we have today.”Martin Wolf, the Chief Economics Editor at the Financial Times, said: abThe essence of the contemporary monetary system is the creation of money, out of nothing, by registered banks' often foolish lending… Banks create new money (the numbers in your bank account) when they make loans. As the Bank of England says, “When banks make loans they create additional [bank] deposits for those that have borrowed the money.” (Bank of England Quarterly Bulletin 2007 Q3, p377). This means that in the UK, nearly every pound in the economy today was created when somebody went into debt. All the money that we need to trade, to buy food, and to run businesses, must be borrowed from the profit-seeking banking sector, at a huge cost to us, and a massive benefit to them.The famous economist J.K. Galbraith said abThe process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent.”
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Revision as of 08:07, 30 May 2013
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