Sir, – Contrary to popular belief, the vast majority of money in circulation does not originate with government or the Bank of England: it originates with private banks.
Without many of us realising it, we have a privatised system of money creation. It is the profit-seeking high street banks that create almost all of our money.
When you get a mortgage for say £50,000 from a high street bank, the bank doesn’t need to get the money from anywhere: it just credits your account with money produced from thin air. For the first time in 170 years, parliament will debate this issue (on November 20).
Money creation affects almost every aspect of our lives, and is directly connected to almost all public
policy, including public and private debt levels, house prices, and rising inequality.
For more info on this matter visit www.positivemoney.org.uk/blog
You can also watch the debate on Live Parliament TV on November 20.
We have waited a long time for the injustice of the present system of money creation to be given serious consideration. That time may at last have come.
SUSAN HOLDEN
Station Cottages, Richmond.
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