London, 21st November 2014
On Thursday 20th November 2014 over 30 MPs took part in a debate in the House of Commons on money creation and society.This was the first time in 170 years, since the Bank Charter Act in 1844, that the topic has been fully debated.
Few people know that 97% of our money supply is created not by the government (or the central bank), but by commercial banks in the form of loans.
As the results of our recent poll show, most MPs lack a sufficient understanding of money creation. A worrying number of our MPs do not understand where money comes from. This leaves them ill-equipped to predict another financial crisis, deal with rising debt, housing bubbles or understand a fundamental driver of inequality.