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on 23 May 2013
Modernising Money is long overdue and needs to be compulsory reading for economics students around the world. How this important issue has been missed by mainstream economists and has been allowed to get this far is beyond me.

I for one cannot wait to see where this book can go and I look forward to seeing a banking world that follows these reforms.

Well done and a great achievement to have written this book.

Compulsory reading for those interested in solving the mess we call a banking crisis today.

Simon Dixon
Author Bank to the Future: Protect Your Future Before Governments Go Bust
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on 21 February 2014
The reasons behind the banking crisis which has rocked the US and Europe have been widely analysed and discussed. Some serious attention has been paid to separating the normal trading arms of banks from their speculative operations. Others have suggested forcing banks to give up some of their market share and allow in other operators. In this book, Andrew Jackson and Ben Dyson explain why none of these measures would be adequate.
The extraordinary fact of the matter is that our banks create credit out of nothing, in effect: they can lend money they don't have. Some of their practices (such as securitisation) mean that they don't really care if people can ever pay money back. And because of the complex wen of dependency within the banking system, government has to bail banks out if and when they fail - at a massive cost to taxpayers - who got ripped off by banks in the first place.
"Modernising Money" is not an easy read, but the main principles which Jackson and Dyson outline are not rocket science either. It is more than possible to read the important and accessible chunks of the book, whilst leaving some of the detail to those with a deeper understanding of the intricacies of economics.
More to the point, this is one of those "I really should read" books: the fact that most people have only minimal awareness of how our banking system runs is probably the main reason why it has been allowed to get out of control. The massive housing bubble (which Dyson and Jackson persuasively argue is caused by banks' ludicrous lending policies and practices) has become so huge that most people in their 20s today will be trapped in debt most of their working lives.
Yet very few of the ideas presented here are new: removing banks' right to create money is an old concept, but this book aims to address some of the glitches and failings of previous versions. It does so, for me, strikingly well and the fact that establishment figures such as Sir Melvyn King (for years head of the Bank of England) has described our banking system as just about the worst way of doing things, speaks volumes for the need to change. This is a book with ideas whose time has well and truly come.
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on 31 January 2013
So, dear reader, do you want to know why we are all plagued with personal money worries and constantly struggling with debt and interest payments and good businesses can't get loans while the powers-that-be are obsessed with economic growth? How can it be that we seem to be able to afford an elite high-speed rail line at £4,000,000,000 (before time and cost overruns) but can't find £40,000 to keep the existing local library open?

What's going on? Do you sense that something is drastically wrong but you don't know quite what or why? Do you feel that maybe the game is rigged in favour of others, but somehow against you? Do you think you're being screwed?

You are ... BigTime. Nay, HugeTime ...

All will be revealed if you read Modernising Money!
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on 14 October 2015
Dull and doomed not to work
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on 28 February 2013
This book should be required reading for anyone responsible for managing our economy (Treasury and Bank of England Officials, politicians, MPs), 'opinion formers' commenting on our economy (journalists), independent financial advisors and anyone teaching economics, finance or political science to anyone at any level. It should also be read by anyone working in the banking industry so that they realise that the sleeping masses - may not sleep forever. The book addresses complex issues (where money comes from, who controls the money supply and who wins and loses in the current system)intelligently. The writing is as simple as it is possible for it to be, and makes excellent use of clear examples. It is well referenced and presents an objective analysis of publically available information, and resists the temptation to make accusations of mismanagement (or worse. There are clear proposals for how the current system might be changed in order to ensure that the management of the money supply is undertaken in the public interest - and not in the interests of a very small group of commercial banks. Read it, move your money, engage with the issues and exercise your democratic responsibilities.
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on 8 June 2014
Good book that providers an alternative for the current "heads I win, tails you lose" too big to fail banking.

Especially the historic perspective is pleasant reading.

The proposed solution however is still a diamond in the rough with lots of unanswered questions.

The section on the impact and consequences of the proposed reform deserves more attention. In combination with less focus on bashing the current system it would make for a more constructive read.

Public financial markets are for instance a key enabler for such a reform but are hardly taken into account.
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on 4 September 2013
A consideration of how money works is essential to contemporary society and far too important to be left only to the financial community. This is not a political tract but an attempt to educate the concerned public and consider ways in which we might reform the existing system which is manefestly flawed as evidenced by the financial crash five years ago and sluggish world wide recovery since. It is not an easy book but that is no reason to leave management of money in the hands of a few who exploit their monopoly of information and leave the rest of society to pick up the pieces.
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on 1 April 2013
A thought-provoking book that requires a certain intellectual effort to follow but well worth that effort. This should be standard reading for anyone who considers himself or herself to be a responsible citizen.
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on 10 August 2013
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 .....you should read this book! It should be required reading for politicians!
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on 18 November 2014
Whilst I have encountered some opposition to the reforms proposed by Positive Money, this usually takes the form of an alternative replacement banking system, as opposed to the maintenance of the status quo. This book and the work of Positive Money has helped raise awareness of the destabilising effect that our current banking system has on our economy and should be embraced by anyone who has an interest in our collective future.

Readers can expect a detailed and engaging history on the monetary/banking system, a clear explanation of why the current system is unfit for purpose and a description of a replacement system that would work for us by stabilising the economy and placing money creation back in the hands of the public.
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