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Modernising Money: Why Our Monetary System is Broken and How it Can be Fixed

Modernising Money: Why Our Monetary System is Broken and How it Can be Fixed [Kindle Edition]

Andrew Jackson , Ben Dyson
4.8 out of 5 stars  See all reviews (19 customer reviews)

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Product Description


"Money is a social invention, indeed among the most important of all social inventions. At present the right to create money has been handed over to the private businesses we call banks. But this is not the only way we could create money and, as recent experience suggests, it may be far from the best one. Read this book with an open mind and you will understand why."
- Martin Wolf, Chief Economics Commentator, Financial Times

"Modernising Money is not just the clearest exposition of the monetary economy available today, it offers realistic and pragmatic responses to the most urgent challenge of our time: how to devise a financial system fit for purpose."
- Prof Tim Jackson, author of 'Prosperity Without Growth: economics for a finite planet

"Modernising Money does a fine job of explaining the malfunctioning present banking system, and showing the clear institutional reforms necessary for a sound monetary system."
- Prof. Herman E Daly, author of "Enough Is Enough: Building a Sustainable Economy in a World of Finite Resources"

"Modernising Money sets out the authors' solution to the banking quandary with great clarity. The solution, though far-reaching, is not treated as utopian but as a practical proposition: the transition from the present arrangements is dealt with in detail. The authors treats the question of how we might restructure money and banking in the context of a detailed knowledge of UK banking history, institutions and policy up to the present day, and there are examples from other banking systems as well. The book has much to offer, whether you agree with the authors' solution or not." - Prof Vicky Chick, Emeritus Professor of Economics, University College London

"This 'must read, must act' book lucidly explains two thing: the urgent need for a simple reform of the money system to make it work more efficiently and fairly for all, and an accessible way for responsible citizens to make the reform happen." --- James Robertson, author of "Future Money: Breakdown or Breakthrough?"

"This 'must read, must act' book lucidly explains two thing: the urgent need for a simple reform of the money system to make it work more efficiently and fairly for all, and an accessible way for responsible citizens to make the reform happen." --James Robertson, author of "Future Money: Breakdown or Breakthrough?"

Product Description

At the heart of the ongoing economic crisis is the fact that governments across the world have given the power to create money to the private corporations that we know as banks. Today, over 97% of all of the money used by people and businesses is created by banks when they make loans. This way of creating money has led to economic instability and a financial crisis. It has produced the highest-ever levels of personal and government debt, made houses unaffordable, and driven the short-termism which is destroying the businesses, and ecosystems, on which we depend.

But it doesn't have to be like this. The way money is created can be changed. Modernising Money shows how a UK law implemented in 1844 can be updated and combined with reform proposals from the Great Depression, to provide the UK with a stable monetary and banking system, much lower levels of personal and national debt, and a thriving economy.

Detailed, but accessible to non-economists, Modernising Money is written for anybody who wants to know how to create an economy that serves people, businesses, society and the environment.

Product details

  • Format: Kindle Edition
  • File Size: 3828 KB
  • Print Length: 336 pages
  • Publisher: Positive Money (31 Jan 2013)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • Text-to-Speech: Enabled
  • X-Ray:
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (19 customer reviews)
  • Amazon Bestsellers Rank: #69,318 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Most Helpful Customer Reviews
15 of 15 people found the following review helpful
5.0 out of 5 stars The solution that we are all looking for 3 Mar 2013
Format:Kindle Edition
How many times do you hear that the government is massively in debt, and that there are only two options - either (a) increase taxes, or (b) cut government spending?

This story, which is repeated endlessly by policitians, economists and journalists is a fiction. And Andrew Jackson and Ben Dyson's excellent book explains why. The real problem is that governments have handed the power to create the nation's money supply to the commercial banking system. And those banks are responsible for creating 97% of the money in the UK system. They create that money "out of thin air" when they make loans. And then they charge everyone - individuals, businesses and governments - interest on those loans.

My own calculations back up the claims made both in Modernising Money, and in the Positive Money groups's previous book "Where does money come from?" (also highly recommended). Since 1995, the UK goverment has paid over £495 billion in interest charges on government debt. That's a substantial proportion of the £1.1 trillion in public sector debt. And these payments have been going on for decades. Indeed for most of the 1960s and 1970s, the government was paying around 3.5% of GDP to the banks in the form of interest charges, reaching a peak of over 4.5% in 1981-2.

What Jackson and Dyson demonstrate is that those payments were totally unnecessary, because there is absolutely no reason why the nation's money supply needs to be created as interest bearing debt by commercial banks. The Bank of England could, and should, be creating the money supply. And it should be providing that money supply to power the economy free of interest charges.
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14 of 14 people found the following review helpful
5.0 out of 5 stars A real opportunity for change 31 Jan 2013
By Bernard
Modernising Money is a thoroughly researched and very timely investigation into the way money is created, managed and circulated by our commercial banks. Unlike many analyses of what is wrong with the current system however, it also offers very well thought through and workable solutions. As the Governor of the Bank of England is quoted as saying in October 2010 (quoted in the introduction) "Of all the many ways of organising banking, the worst is the one we have today."

To know what needs to change in our current system requires us to understand how it is operating today. Since the world of finance is highly complex and seemingly beyond the grasp of ordinary mortals this is no easy task. But, as this book demonstrates every detail of the way money is created and circulated can be easily understood. This book explains in simple language how money is created and who controls it.

In tracing the historical development of money and banking from classical times right up to modern Britain, the authors present a very clear picture of each new step that was taken. They describe how and when the Bank of England was established, what its original remit was in the 17th century and how this gradually evolved during the course of the Industrial Revolution and beyond.

The working of the current banking system is clearly described as are the problems that it causes. The idea that banks simply lend out what other customers deposit is shown as being very far from the truth. In granting a loan the bank simply notes a debit and a credit entry on their balance sheet. The money given out is recorded as a liability, the agreement to pay back the loan as an asset. In other words money (and debt) is created in that moment.
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13 of 13 people found the following review helpful
5.0 out of 5 stars time for change 31 Jan 2013
By pedro
A most interesting read ; a book I have been waiting for as a follow up to the previous book "Where Does Money Come From?" which explained how commercial banks control the money supply.

This book goes the whole hog and provides a worked out solution; but not one set in stone.
It reviews the current UK monetary system explaining what is wrong with the current role commercial banks play in UK economic system through to what needs to be done to correct the short comings and how to make the transition .

It is a book which deals in outline and in depth ; so it is easy to grasp the outline and with some worthwhile effort to understand the details; even for non economists like me. It deals with every day operation of a commercial bank as well as how they interact with the Bank of England and other banks; and the services that the Bank of England provides to the commercial banks .

It is a must read for anybody interested in the UK's current economic state and of course anybody involved in commercial banks , the Bank of England and Governments Treasury and MPs of all shades of economic thinking and but not least, the members of "The Independent Commission on Banking" to shake up their thinking and understanding!
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8 of 8 people found the following review helpful
The book is easily accessible for people with different levels of financial knowledge, but what you read you may not always like!! The authors do, however, present a viable alternative to our banking system which would help us move away from the current boom/bust cycle and stop the general public being susceptible to bursting of financial bubbles.

Once you get your head around it, it really makes sense.
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Most Recent Customer Reviews
4.0 out of 5 stars Diamond in the rough
Good book that providers an alternative for the current "heads I win, tails you lose" too big to fail banking. Read more
Published 2 months ago by Bas288
5.0 out of 5 stars Excellent, clear and persuasive
The reasons behind the banking crisis which has rocked the US and Europe have been widely analysed and discussed. Read more
Published 6 months ago by Walter
4.0 out of 5 stars Almost makes sense
The total corrupt craziness of the stuff that makes the world work - or not. Spelled out in an entertaining way, that comes closer than anything I'ver read to actually making the... Read more
Published 9 months ago by RH
5.0 out of 5 stars Jaw dropping
I'm just beginning this book, and can't recommend it enough. Never mind the 2009 economic shockwaves - if we don't address our monetary system, root and branch, the next one will... Read more
Published 10 months ago by Adam T Wakeling
5.0 out of 5 stars Banking sysytem needs fixing
A great look at how money is created by banks. We need a change in how banks operate and a new banking system
Published 11 months ago by Mr. Robin Singleton
4.0 out of 5 stars Essential Reading
A consideration of how money works is essential to contemporary society and far too important to be left only to the financial community. Read more
Published 12 months ago by Rob Anderson
5.0 out of 5 stars Thank goodness someone has written this book.
If you have ever wondered why we have an enormous national debt despite having more people in work than ever before and all of us working so hard and paying such high taxes... Read more
Published 12 months ago by john
5.0 out of 5 stars A Masterpiece
This book explains, in painstaking detail, just how badly the current economic system serves ordinary people (and how well it serves the very rich). Read more
Published 13 months ago by AB
5.0 out of 5 stars If only they taught this at school
Modernising Money is long overdue and needs to be compulsory reading for economics students around the world. Read more
Published 15 months ago by Simon Dixon
5.0 out of 5 stars For responsible citizenship
A thought-provoking book that requires a certain intellectual effort to follow but well worth that effort. Read more
Published 17 months ago by Michael M
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