Thursday, 27 November 2014

Money-Creation & Society

Well, let’s be honest, you don’t hear debates like this in any parliament normally, but we should.

Yet here we are in the mother of parliaments debating the destruction caused by the way money is now created.

“No one can argue prosperity has not increased [since 1974], but if distributional effects matter at all, one must ask “Who benefits?”

This was a backbench debate, which means that no vote is taken at the end and no laws are changed; it is simply an opportunity to discuss important policy issues outside of the government’s agenda.

Well done Steve Baker, MP!

NB: Not for everyone  (it is over two hours long) but given the almost unacknowledged impact of Quantitative Easing, and the destructive effect of modern money creation on house prices and the business cycle, perhaps the most important parliamentary debate of modern time.

Here’s a written summary for those short of time – and the full official transcript.

[Hat tip Rupert A.]


  1. Mitchell & Goldsmith in UK "Great Money Creation Debate"
    Jct: The best of of Austin Mitchell and Zac Goldsmith from the "Great Money Creation Debate" in the UK Parliament on the most important issue on the planet, who controls creation of our credit, private banks or government utility, the whole debate I posted with commentary at

  2. I thoroughly enjoyed watching this. I think it makes for great listening. Good fine Peter :)


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