Review - "Modernising Money" by Andrew Jackson and Ben Dyson
"Money makes the world go round." However, ongoing chronic failures in banking, finance and monetary systems are causing massive global economic instability and are prompting urgent distress calls for monetary reforms. "Modernising Money" presents a clear explanation of why the current monetary system has gone wrong, with substantial proposals for radical reforms.
"Money doesn't grow on trees." Unnatural, human-contrived money and the arcane, shady world of banking are exposed to a clear light of enquiry in "Modernising Money". Some widely held false beliefs concerning present-day banking practices are carefully explained in the first part of the book - "The Current Monetary System". In the second part - "The Reformed Monetary System" - some very sensible and well-reasoned reforms for our current broken-down banking system are proposed.
"The love of money is the root of all kinds of evil." However, money seems to be necessary for the functioning of our worldly activities and complex global exchanges. Meanwhile, ongoing financial crises especially in the UK, EU, USA and Japan are also having knock-on consequences in social and political as well as economic spheres of human activity. It's therefore essential for us to understand money more thoroughly, and not allow bankers and financiers to pull one over on us for their own personal benefit. "Modernising Money" is a very timely explanation of monetary practices for the layman, and offers valid proposals for reforms that need serious consideration by all concerned with our personal, national and global economic situation.
"Money, money, money, it's a rich man's world." In section 5.3 entitled "Inequality" it is stated that "for there to be a supply of money, some people must be in debt." Again in section 5.4 entitled "Private Debt" it states: "For there to be money, there must also be debt." Money, if without intrinsic value such as gold or silver, is little more than "I owe you" notes or promissory tokens. It is therefore a symbol of debt to be repaid or exchanged for goods or services at a later date. As money thus has negative connotations associated with evil and debt, "Positive Money" would seem to be an ironic name for the organisation through which the authors are promoting their timely ideas for radical monetary reforms.
However, our current obviously dysfunctional monetary, financial and banking systems certainly cry out for some positive propositions and fertile grounds to plant new seeds for healthy growth and prosperity. In section 9.4 it states that in the proposed reformed system "money will exist without a corresponding debt." This refers to current commercial bank practices of monetising debt and using leverage to effectively create money, whereas money itself is actually a symbol of debt i.e. IOU notes or tokens that can be exchanged for goods or services at a later date. The proposed reforms largely shift the control of money away from commercial banks towards an independent central bank which would then control the issuance of fiat tokens in the form of electronic money, notes and coins.
I recommend "Modernising Money" for its clear explanations of banking, and its opening up of new possibilities for a world grown weary and wilting while watching the current system's spent shells fall, apparently having shot itself in the foot, or worse, and limping along very badly on crutches provided by tax-payers through the agency of the state.
"Money makes the world go round." However, ongoing chronic failures in banking, finance and monetary systems are causing massive global economic instability and are prompting urgent distress calls for monetary reforms. "Modernising Money" presents a clear explanation of why the current monetary system has gone wrong, with substantial proposals for radical reforms.
"Money doesn't grow on trees." Unnatural, human-contrived money and the arcane, shady world of banking are exposed to a clear light of enquiry in "Modernising Money". Some widely held false beliefs concerning present-day banking practices are carefully explained in the first part of the book - "The Current Monetary System". In the second part - "The Reformed Monetary System" - some very sensible and well-reasoned reforms for our current broken-down banking system are proposed.
"The love of money is the root of all kinds of evil." However, money seems to be necessary for the functioning of our worldly activities and complex global exchanges. Meanwhile, ongoing financial crises especially in the UK, EU, USA and Japan are also having knock-on consequences in social and political as well as economic spheres of human activity. It's therefore essential for us to understand money more thoroughly, and not allow bankers and financiers to pull one over on us for their own personal benefit. "Modernising Money" is a very timely explanation of monetary practices for the layman, and offers valid proposals for reforms that need serious consideration by all concerned with our personal, national and global economic situation.
"Money, money, money, it's a rich man's world." In section 5.3 entitled "Inequality" it is stated that "for there to be a supply of money, some people must be in debt." Again in section 5.4 entitled "Private Debt" it states: "For there to be money, there must also be debt." Money, if without intrinsic value such as gold or silver, is little more than "I owe you" notes or promissory tokens. It is therefore a symbol of debt to be repaid or exchanged for goods or services at a later date. As money thus has negative connotations associated with evil and debt, "Positive Money" would seem to be an ironic name for the organisation through which the authors are promoting their timely ideas for radical monetary reforms.
However, our current obviously dysfunctional monetary, financial and banking systems certainly cry out for some positive propositions and fertile grounds to plant new seeds for healthy growth and prosperity. In section 9.4 it states that in the proposed reformed system "money will exist without a corresponding debt." This refers to current commercial bank practices of monetising debt and using leverage to effectively create money, whereas money itself is actually a symbol of debt i.e. IOU notes or tokens that can be exchanged for goods or services at a later date. The proposed reforms largely shift the control of money away from commercial banks towards an independent central bank which would then control the issuance of fiat tokens in the form of electronic money, notes and coins.
I recommend "Modernising Money" for its clear explanations of banking, and its opening up of new possibilities for a world grown weary and wilting while watching the current system's spent shells fall, apparently having shot itself in the foot, or worse, and limping along very badly on crutches provided by tax-payers through the agency of the state.
