Ben Dyson in Scotland
Thanks to Alistair McConnachie who sent news of Ben Dyson’s visit to Scotland in November. The report was written by Mira Tekelova (Positive Money) who works on the Positive Money campaign trying to promote the awareness about our debt-based money by the public. She became interested in the monetary reform ideas after she realized that the way money is created is the root underlying cause of poverty and most of our social problems today.
Notes from the report follow. To read it in full click here.
Half of the people who came along to the second Glasgow MeetUp were new faces who had not been to the first event back in July..
Ben Dyson spoke for around an hour, talking about the group’s latest activities and taking questions. He read out a response from the Treasury related to our reform. The response suggested that such a reform would “reduce the amount of credit available”. It was noted that this is an interesting response because a few years ago the response from the Treasury, regarding this same reform was that it would “create runaway inflation” (the exact opposite!).
He pointed out that the new book, “Where Does Money Come From?”– several copies of which were sold at the MeetUp – was the first book which educated everybody about how exactly money was created in the UK and has already been adopted as a course text at a London University, and that he would like to see a module in a finance course, based around the content of the book. Positive Money would also like to create a “Teachers Pack” based around the material.
Ben spoke at an “Ethical Finance Round Table Discussion” which had been organised jointly by the Islamic Finance Council and one of Edinburgh’s top banking and finance legal firms. This lasted for 2 hours, and the essence of the Positive Money proposals was described.
During the discussion it was pointed out that Positive Money reform could lead, in time, to a positive cultural change. We would move from our present “borrow and spend” culture, to a “save and spend” culture. This would lead to more economic stability in the long term.
After the Round Table, Ben was taken to the MeetUp venue, at the Royal Scots Club, where a 2 hour interview had been arranged with one of Scotland’s top financial journalists
Ben emphasised that our solution is not for the “government” to create money. Rather it is for an independent and transparent public institution, which is democratically accountable to Parliament (not to the government) to create money.
Notes in the Bank of England (Creation of Currency) Bill, say, “Losing their present privilege of creating money will bring the commercial banks into line with ordinary private-sector businesses that are not given their raw materials as a free gift.” By closing down the source of this easy money, we ensure that the economy will become more stable. There will be less liability placed on the head of the taxpayer. Speculation on unproductive activity will decrease because the money will not be available for such speculation, and mega-incomes will decrease in line with this restriction.
The James Gibb Stuart Trust, which facilitated Ben’s Scottish visit, is a registered charity working to “Reduce Debt by Educating about Banking”. It aims to provide expertise and assistance to those individuals, groups and activities which, in the opinion of the Directors, are helping to promote its charitable Objects.