The Green Party is very democratic and open to new ideas and debates. The media have seized on some of those policies they don’t recognise and used them to attack the Party – I thought some of them were worth a little investigation – hopefully part of a series.
The truth is out – money is just an IOU, and the banks are rolling in it by David Graeber
The Bank of England’s dose of honesty throws the theoretical basis for austerity out the window Tuesday 18 March 2014 10.47 GMT
Back in the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didn’t know how banking really works, because if they did, “there’d be a revolution before tomorrow morning”.
Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called “Money Creation in the Modern Economy”, co-authored by three economists from the Bank’s Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.