Geoffrey Ingham, a Life Fellow of Christ’s College, Cambridge has weighed into openDemocracy’s Just Money debate with a worthwhile article called: “Whose money is it?” He talks about how money is created and the way that relates to power.
The piece is part of a wider series run by OurKingdom to mark the publication of Ann Pettifor’s e-book, Just Money: How Society Can Break the Despotic Power of Finance. I’ll certainly check that out.
The series explores the nature of money and the politics of the financial system.
I tried to post a comment before getting tied up in knots with the site password system.
Rather than abandoning it, I’m putting it here instead.
Good piece – I totally agree that, like it or not, we have as individuals to wrestle with ideas of how money is created and this article helps in that process. It is essential for people to get to grips with this in order to give needed context to wider societal questions of both poverty and environmental despoilation. I would also recommend the work of Positive Money UK (http://www.positivemoney.org/)
The author did not touch on the aspect of our money-creation system that is even more problematic for all living beings – which is how it acts as a motor for wrecking the planet for all its inhabitants. Debt-based money demands interest repayments alongside the principal, which means we must all perpetually consume or face economic collapse.
Yet if the economic system doesn’t collapse, or we don’t manage to transform it – along with the existing money-creation system at its core – we will face a far more problematic collapse of the eco-system itself. Nature doesn’t do compound growth except as cancer, epidemic or plague. We need a money system with that reality embedded inside it.