This is another useful three minute video by the campaign group Positive Money who have successfully engaged and corrected both the BBC economics team and certain Bank of England officials on the lazy thinking that continues to inform so called ‘expert opinion’.
This video takes a harder look at the money we use. We see the money in our pocket or account as ‘mine’ or ‘ours’ – a stupendous conjuring trick since 97% of all money currently circulating in our monetary system is money owed. It is debt! Its transactional value as a medium of exchange for goods and services is dwarfed by the over-riding imperative of paying it back to the banks who create it. From nothing. From air. From taps on a keyboard into a computer screen. It is a debt based monetary system that is killing the real economy and impoverishing millions while enriching a greedy few. Take a look at the video to see why. For more detail, click here>>>