Ann Pettifor has written an excellent rebuttal to the full reserve banking solution proposed by Martin Wolf and Positive Money, who are in most ways her allies. Her entree is the Bank of England’s recent acknowledgment that banks create the money they lend. She writes:
Because I am a vocal critic of the private finance sector, many assume that I would agree with Wolf and Positive Money on nationalising money creation. Not so. I have no objection to the nationalisation of banks. But nationalising banks is a different proposition from nationalising (and centralising) money creation in the hands of a small ‘independent committee’.
The full article is here:
Yves Smith has also commented, here:
Errata: My original entry said “Richard Wolf”; it should be “Martin Wolf.” A better link is here —
Filed under: Ellen Brown Articles/Commentary |