Demystifying the creation of money from thin air – in the interest of public education

This is the comment that I posted to Prof. Prem Sikka’s latest article in The Independent: I want the right to see Bob Diamond’s tax return.

Well written, once again, dear Prem!

But I’d go a bit further and deeper, of course. I’d like the right to see:

1. how much money from thin air is generated per month and per year by

a) the Bank of England (aka ‘quantitative easing’)

b) commercial banks (aka ‘credit)

c) other financial institutions such as trading firms offering ‘credit’.

2. who are the beneficiaries of the interest payments

a) shareholders

b) staff

c) current and former politicians.

3. regular statistics about the money supply as a whole

a) the percentage that the Government’s budget represents

b) the percentage that interest payments represent, compared with ‘capital creation’ [money from thin air].

Is that too much to ask for?

With best wishes for continued power to your writing elbows,

Sabine

Web publisher

http://publicdebts.org.uk/

http://moneyasdebt.wordpress.com/

http://forumforstablecurrencies.info/chronology

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One response to “Demystifying the creation of money from thin air – in the interest of public education

  1. Please visit http://thinknshare.com/page17.php?topic=31 and post your insights on economic and currency policy. Thanks!

    “Think-Share-Inspire”

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