{"id":1762,"date":"2014-11-18T14:12:20","date_gmt":"2014-11-18T19:12:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=1762"},"modified":"2014-11-18T14:12:20","modified_gmt":"2014-11-18T19:12:20","slug":"does-money-grow-on-trees-opendemocracy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=1762","title":{"rendered":"Does money grow on trees? | openDemocracy"},"content":{"rendered":"<p><a href=\"https:\/\/www.opendemocracy.net\/ourkingdom\/dora-meade\/does-money-grow-on-trees\">Does money grow on trees? | openDemocracy<\/a>.<br \/>\n<span class=\"Apple-style-span\" style=\"font-family: Helvetica, Arial, 'Liberation Sans', FreeSans, sans-serif; color: #000000;\"><\/span><\/p>\n<div class=\"entry-summary\" style=\"font-weight: bold; color: #434343; border-top-width: 1px; border-top-style: solid; border-top-color: #222222; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #222222; padding: 15px 0px 15px 0px; margin: 0px 0px 5px 0px;\">\n<div>\n<p style=\"margin-bottom: 20px;\">The debate about the banks&#8217; power to create money is becoming much more mainstream. After the recent event, Does Money Grow on Trees?, parliament is scheduled to debate the issue for the first time in 170 years.<\/p>\n<\/div>\n<\/div>\n<p><span class=\"Apple-style-span\" style=\"font-family: Helvetica, Arial, 'Liberation Sans', FreeSans, sans-serif; color: #000000;\"><\/span>This was a question posed by Martin Wolf, chief economics commentator of the\u00a0<em>Financial Times<\/em>, at the beginning of the event\u00a0<em>Does Money Grow on Trees?<\/em>organised by Positive Money and the Institute of Chartered Accountants for England and Wales (ICAEW). Over 100 people turned out to discuss what Wolf described as the \u2018fascinating intellectual questions\u2019 associated with permanently taking power to create money away from banks and giving it to the state.<\/p>\n<div class=\"entry-content\">\n<p style=\"margin-bottom: 20px;\">As Ben Dyson, founder of Positive Money has explained in a\u00a0<a style=\"color: #0061bf; text-decoration: none;\" href=\"https:\/\/www.opendemocracy.net\/ourkingdom\/ben-dyson\/why-we-can%E2%80%99t-leave-power-to-create-money-in-hands-of-banks-or-regulators\">previous article for Open Democracy<\/a>, banks currently create 97% of the money in our system when they issue loans. Positive Money, a campaign and research organisation set-up in 2009, argues that leaving the power to create money in the hands of the financial institutions that caused the economic crisis is a mistake \u2013 and one that not enough people understand. Results of a recent\u00a0<a style=\"color: #0061bf; text-decoration: none;\" href=\"http:\/\/www.positivemoney.org\/2014\/08\/7-10-mps-dont-know-creates-money-uk\/\">Dodds Monitoring poll<\/a>\u00a0show that only 1 in 10 MPs accurately understand where money comes from. Positive Money highlights the causal relationship between the current monetary system and instability in the economy, high house prices and increasing inequality, arguing that without an understanding of money creation our MPs are ill-equipped to prevent another financial crisis.<\/p>\n<p style=\"margin-bottom: 20px;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Does money grow on trees? | openDemocracy. The debate about the banks&#8217; power to create money is becoming much more mainstream. After the recent event, Does Money Grow on Trees?, parliament is scheduled to debate the issue for the first time in 170 years. This was a question posed by Martin Wolf, chief economics commentator [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[124,536,538],"class_list":["post-1762","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-banks","tag-money","tag-money-printing"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1762"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1762\/revisions"}],"predecessor-version":[{"id":1763,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1762\/revisions\/1763"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}