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Years of denial (and even derision) end?

March 24, 2014

In 1998, Sabine McNeill created the Forum for Stable Currencies with periodic meetings at the House of Lords hosted by Lord Sudeley. Notable speakers – advocating economic and monetary reform, including Bernard Lietaer, Margrit Kennedy, Michael Rowbotham, James Gibb Stuart, Stephen Zarlenga, James Robertson and Joseph Huber, attracted attentive audiences, including individuals working in the Treasury and other government departments.

The writer often writhed as she saw these smart, arrogant men ‘rubbish’ what was said; their standard question to those engaging them in discussion was ‘have you studied economics? Most had to admit they had not and a dismissive smile and shrug effectively ended the exchange.

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Ben Dyson of Positive Money has now announced some ‘seriously big news’: the Bank of England has published an official document describing how the money system really works.

As he said, when the Positive Money campaign was launched over three years ago and started talking about the fact that banks create money, they also found that the public reacted with disbelief and shock. A common response was: ‘I don’t believe you. I think you just made that up.’ The Positive Money team spent a lot of time and energy to convince people that this is the way the system works.

At that time there was no official document by the Bank of England describing how the money system really works – it is probably the first major central bank in the world to publish something so clear and explicit.

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bank of england youtube.

The Bank’s official video (above): http://www.youtube.com/watch?v=CvRAqR2pAgw

The Bank’s paper, explaining exactly how money is created in the modern banking system, references “Where Does Money Come From?”- the first book that PM’s team member Andrew Jackson worked on. A snapshot of the first page:

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bank of england ryland thomas paper.

In addition, there are real tweets from the real Bank of England’s twitter account. Sample below:

bank of england tweets.

The Positive Money team understandably regard this as a huge milestone in their campaign for a just and fair money system and have done their cause sterling service.

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