It's time to talk about, and talk up, monetary reform – to ensure that the public good that is our money system once again serves the interests of wider society, not just those of private wealth. So says groundbreaking political economist Ann Pettifor, whose new book 'Just Money' demystifies the nature of money and the finance system, showing how and why it needs to be reconstructed.
All three main UK political parties now base their economic arguments on a premise which has come to be accepted as truth, but which may be false. The premise is that ‘there is no money left’ and this is used to justify austerity. We don’t want to cut, the argument goes, but there is no money left, so we have to make difficult decisions.
On the eve of the local elections, some extraordinary remarks by a Minister probably got less attention than they deserved.
Defence Secretary and multi-millionaire property developer Philip Hammond tried to shift the blame for the financial crisis in the direction of ordinary UK households, saying, ‘the banks had to lend to someone’ and the people who took out loans were ‘consenting adults’.