This is the 3rd part of a 3 part series, parts 1 and 2 can be found at these links:
APPENDIX 1 INTERNATIONAL MOVEMENT FOR MONETARY REFORM
We want to democratize money
We’re a global movement to democratise money so that it works for society and not against it. We’re a coalition of not-for-profit campaigns who are working to tackle an issue that is at the root of many of the social and economic problems that we’re facing today
APPENDIX 2 THE ICELAND GOVERNMENT DISCUSSES SOVEREIGN MONEY PROPOSALS
Written by Ben Dyson (Positive Money) on September 6, 2016.
On September 5th, the consulting company KPMG released a new report commissioned by the Prime Minister of Iceland aiming to clarify the main features of a sovereign money system as advocated by the IMMR. The launch event in Reykjavik featured a very supportive speech from the Financial Times’ chief economists commentator Martin Wolf and was commented by the Governor of the Central Bank of Iceland.
One knows a subject is being taken seriously when the world’s biggest consultancies and accountancy firms such as KPMG start looking at them. The monetary reform movement just passed this milestone this week after KPMG Iceland released a new report entitled “Money Issuance: Alternative Monetary Systems”. The ~40 page report (pdf) was commissioned by the Prime Minister’s office. It provides an overview of the sovereign money proposal, including a summary of the latest political developments and the academic debate. While the report is quite accessible to read, it does not provide any recommendations on whether sovereign money should be implemented or not.
(b) Money Issuance conference held on 5th September 2016
The conference was is entitled MONEY ISSUANCE – Alternative Money Systems
Based on a report commissioned by the Icelandic Prime Minister’s Office
APPENDIX 3 THE BANK OF ENGLAND QUARTERLY BULLETIN 2014 Q1
Money creation in the modern economy by Michael McLeay, Amar Radia and Ryland Thomas of the Bank’s Monetary Analysis Directorate.
Mainly by pressure from Positive Money the BoE has finally made public that most of our money is created when banks make loans.
The Bulletin states that in the modern economy, most money takes the form of bank deposits. But how those bank deposits are created is often misunderstood: the principal way is through commercial banks making loans. Whenever a bank makes a loan, it simultaneously creates money. The reality of how money is created today differs from the description found in some economy textboxes.
APPENDIX 4 CALL FOR AN INQUIRY COMMISSION INTO MONETARY CREATION
Steve baker MP, Conservative was successful in arranging a backbench debate on monetary reform entitled ‘Money Creation and Society’ which was held on the 20th November 2014 – this historic debate was the first debate on Money creation on the Floor of Parliament for 170 years. Speeches and contributions were made by members of the main parties including Douglas Carswell, MP, UKIP. It was an intelligent debate amongst the backbench MPs with agreed criticisms of bank created money with differing reform recommendations. However, the responses to the speeches and contributions at the backbench debate ‘made by The Economic Secretary to the Treasury (Andrea Leadsom) and Catherine McKinnell – Labour spokesperson were misleading possibly due to bad advice THERE WERE CALLS FOR AN ENQUIRY COMMISSION ON MONETARY REFORM AND THAT THE TREASURY SELECT COMMITTEE SHOULD EXAMINE THE ISSUE WAS UNANIMOUSLY SUPPORTED..