Positive Money debate

[Anonymous]

There’ll be a debate with Positive Money UK

at Conway Hall, London on Wednesday 5th

September at 7.00pm.

More details in due course…………..

 

http://www.worldsocialism.org/spgb/event/debate-positive-money-uk-london

[Anonymous]

Here’s the latest on that debateTitle:  “BANKING REFORM OR ABOLITION OF CAPITALISM?”Representative of “Positive Money” in the debate:  Ben DysonMore about their notions:http://www.positivemoney.org.uk/how-banks-create-money/proof-that-banks-create-money/

[Anonymous]

http://www.youtube.com/watch?feature=player_embedded&v=wDHSUgA29LsA bank can lend out £9900 when only £100 has been deposited with it? How can anybody believe that banks have the power to create money out of thin air like this? If it is true, tell me how I can open a bank! Those who propound such nonsense are being taken on at this meeting in Central London at 7pm on Wednesday 5 September.

[ALB]

Here’s a hint of what their line might be. From here (BD is Ben Dyson):

Quote:

AB: The left appear to be wilfully blind about this most important of issues; according to the Socialist Party of Great Britain (in an attack on the Social Credit proposals of Major Douglas): “[banks] are essentially only financial intermediaries, borrowing money at one rate of interest from people with cash to spare and lending this at a higher rate to those needing money to spend or invest, their profits coming from the difference between the two interest rates”. As you pointed out in your critique of Bob Diamond last year, this is not true. Worse than that, it is an outright lie, because now it is generally accepted that banks do create credit ex nihilo. Why do so-called socialist organisations peddle such lies and toe the banks’ line?BD: It’s the ideological attachment to getting rid of capitalism that blinds them to seeing how things really work.

Lies? Toeing the banks’ line? 

[Anonymous]

This debate was recorded by the 'Positive Money' people, and can be viewed here at http://www.worldsocialism.org/spgb/video/debate-banking-reform-or-abolition-capitalism  

[Author]

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