At the heart of the ongoing economic crisis is the fact that governments across the world have given the power to create money to the private corporations that we know as banks.
Today, over 97% of all of the money used by people and businesses is created by banks when they make loans. As Financial Times economist Martin Wolf writes, "The essence of the contemporary monetary system is the creation of money, out of nothing, by private banks' often foolish lending."
This way of creating money has led to economic instability and a financial crisis. It has produced the highest-ever levels of personal and government debt, made houses unaffordable, and driven the short-termism which is destroying the businesses, and ecosystems, on which we depend.
But it doesn't have to be like this. The way money is created can be changed. Modernising Money shows how a UK law implemented in 1844 can be updated and combined with reform proposals from the Great Depression, to provide the UK with a stable monetary and banking system, much lower levels of personal and national debt, and a thriving economy.
Detailed, but accessible to non-economists, Modernising Money is written for anybody who wants to know how to create an economy that serves people, businesses, society and the environment