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Modernising Money: Why Our Monetary System is Broken and How it Can be Fixed, by Andrew Jackson, Ben Dyson
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- Sales Rank: #1616780 in Books
- Published on: 2012-11
- Original language: English
- Number of items: 1
- Dimensions: 9.21" h x .71" w x 6.14" l,
- Binding: Paperback
- 336 pages
Most helpful customer reviews
9 of 9 people found the following review helpful.
Radical and Refreshing Solutions
By Bernard
Modernising Money is a thoroughly researched and very timely investigation into the way money is created, managed and circulated by our commercial banks. Unlike many analyses of what is wrong with the current system however, it also offers very well thought through and workable solutions. As the Governor of the Bank of England is quoted as saying in October 2010 (quoted in the introduction) "Of all the many ways of organising banking, the worst is the one we have today."
To know what needs to change in our current system requires us to understand how it is operating today. Since the world of finance is highly complex and seemingly beyond the grasp of ordinary mortals this is no easy task. But, as this book demonstrates every detail of the way money is created and circulated can be easily understood. This book explains in simple language how money is created and who controls it.
The first chapters provide a fascinating account of how money has developed from the first coins produced in Ancient Greece, China and India in the 6th century BC right up to the electronic and virtual money of today. It describes how contrary to common belief, early complex societies relied not on a system of barter to conduct their trade but rather by making gifts to one another on the understanding that the favour would one day be returned. In other words there existed an undefined system of credits and debits. Only when these were quantified did money start to develop as units of account.
In tracing the historical development of money and banking from classical times right up to modern Britain, the authors present a very clear picture of each new step that was taken . They describe how and when the Bank of England was established, what its original remit was in the 17th century and how this gradually evolved during the course of the Industrial Revolution and beyond. An understanding of how money works and the effect it has on power relationships is essential if we are to understand why for instance the Breton-Woods post war settlement was pivotal in handing world leadership over to the United States. Signing the agreement made the dollar a global reserve currency.
The working of the current banking system is clearly described as are the problems that it causes. The idea that banks simply lend out what other customers deposit is very far from the truth. In granting a loan the bank simply notes a debit and a credit entry on their balance sheet. The money given out is recorded as a liability, the agreement to pay back the loan as an asset. In other words money (and debt) is created in that moment. Money supply increases when loans are agreed and reduced when it is paid back. This also means that the money I put in the bank is not my money but in that moment belongs to the bank. In return I have the promise that the bank will pay me an equivalent amount on demand.
Another important phenomenon is that of seignorage, the difference between the value of money and the cost to produce and distribute it. Up until about forty years ago a good percentage of the money in circulation was produced by the Bank of England and the seignorage went to the Treasury. Today 97% of all the money in circulation is created as debt by the banks and the seignorage profit goes to them. The result is that between 2000 and 2009 the state has foregone a trillion pounds. How many public services could that have funded?
Having carefully analysed and assessed the problems in our banking system in the first half of the book, the authors then offer a series of credible and relatively easy to introduce reforms that would radically alter the way banks operate by addressing six objectives
Create a stable money supply based on the needs of the economy.
Reduce the burden of personal, household and government debt.
Encourage investment in the real (non-financial) economy.
Re-align risk and reward.
Provide a structure of banking that allows banks to fail.
To achieve these aims some simple reforms are proposed, reforms that can be implemented without starting completely from scratch. These are described in an exact and easily understandable way. For example a major problem occurs when those who create the money also determine its use or when those who should be brokers have an interest in the money itself. It is vitally important that these functions are separated. After the reform the Bank of England becomes the organ whereby money is created (not just cash as at present but electronic money too). The commercial banks then lend out money that has been created elsewhere. The activity of money creation and loan arranging are kept clearly distinct. In practical terms this means that individuals will have access to debt and risk free money via Bank of England accounts. If they can then also open investment accounts with commercial banks and have a share in the risks and benefits.
Each of the clearly defined objectives are addressed in turn down to the smallest detail. Given the political will the whole reform could be easily and immediately implemented.
As well as offering real solutions to current problems this book promises to be an important and easy to read textbook on economics that deserves to become a key resource work for all students of economy.
Reviewed by Bernard Jarman
6 of 6 people found the following review helpful.
Today's money: A winning system ... but for whom?
By Elmarie Constance
From the beginning of the book:
A NOTE FOR READERS OUTSIDE THE UK
Although this book is written with the UK banking system in mind, the analysis is equally applicable to the banking and monetary system of any modern economy. While there are minor differences in rules and regulations between countries, almost all economies today are based on a monetary system that is fundamentally the same as that of the UK. Equally, the reforms prosposed here can be applied to any country that has its own currency, or any currency bloc, with only minor tailoring to the unique situation of each country.
From the Foreword:
"Money ranks with fire and the wheel as an invention without which the modern world would be unimaginable. Unfortunately, out-of-control money now injures more people than out-of-control fires or wheels. Loss of control stems from the privilege enjoyed by the private banking sector of creating money from nothing and lending it at interest in the form of demand deposits. This power derives from the current design of the banking system, and can be corrected by moving to a system where new money can only be created by a public body, working in the public interest."
Professor Herman Daly
Professor Emeritus
School of Public Policy
University of Maryland
Former Senior Economist at the World Bank
With no degrees or financial knowledge, I am merely a deeply concerned housewife. I concede that this was a big stretch from reading crime novels but, oh boy, was it worth it. Please, please, please read this book.
4 of 4 people found the following review helpful.
"The times they are a changing."
By Christopher Thorpe
In my opinion, the 3 most important books of the 20th century were: Small is Beautiful - Fritz Schumacher, The Breakdown of Nations - Leopold Kohr and De-schooling Society by Iva Ilich. If you have some sympathy with this opinion, then the probably like me, you will think that this could be one of the 3 most important books of the 21st century. If however you still believe what governments, banks and economists are telling us, you will probably think that it is a laughable work of fiction. You would be wrong, but that would not stop you enjoying your tabloid newspaper (at least in the short term).
The way the financial system works, or rather doesn't work, is at the heart of most of the ills of our time. Without being a polemic against systems or personalities, this book analyses the serious financial problems that society has and then proposes workable solutions. Many people will not like the solutions proposed, but then flat earthers used to be in the majority!
A "must read" for anyone with the slightest interest in the future of the human race.
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