Positive Money

Positive Money
Formation 2010 (2010)
Type Non-governmental organization
Purpose Economic justice, democracy
Headquarters London, United Kingdom
Region served
United Kingdom, Eurozone
Fran Boait[1]
Affiliations Finance Watch
Staff
15 (2017)
Website www.positivemoney.org

Positive Money is a not-for-profit organisation based in London and Brussels that campaigns for various monetary reforms.[2][3][4] Positive Money's mission is "for a money and banking system that enables a fair, democratic, and sustainable economy."[5]

Positive Money was founded by Ben Dyson in 2010[6], who later joined the Bank of England in 2016. Its current Executive Director is Fran Boait, who is also the prospective parliamentary candidate of the Labour Party for Gloucester in the 2022 general election.[7][8]

History & activities

Positive Money carries out research into alternative forms of monetary policy and does advocacy campaigns towards the Bank of England and the House of Commons. Positive Money also mobilizes a network of 30 local groups[9] across the UK, and has run several petitions[10] and rallies in front of the Bank of England.[11]

Although primarily focusing on reforming the UK's money system Positive Money is also active internationally. It created the International Movement for Monetary Reform in 2013[12], which serves as an umbrella network for similar organisations across the World. Positive Money is also a member of Finance Watch, a Brussels-based NGO.

In 2015, Positive Money initiated a Eurozone-wide campaign on "Quantitative Easing for the People"[13][14] which was supported by over 20 NGOs and 100 economists. Following up on that campaign, Positive Money launched a Brussels-based branch called Positive Money Europe[15] which is focusing on advocacy campaigns towards the European Parliament and the European Central Bank.[16]

Proposals

Positive Money's historical backbone proposal is to introduce a "sovereign money system".[17][18] Under such a reform private banks would be deprived from their ability to create money by extending credit into the economy. In turn, the Bank of England would regain the monopoly over money creation, by financing the government's budget (monetary financing) or distributing a citizens' dividend ("helicopter money").

Although Positive Money's proposal is similar to full-reserve banking or narrow banking[19], it differs in the sense that it would merge bank deposits and central bank money. As explained by former Positive Money researcher Frank van Lerven, "Under a Sovereign Money system, there is no longer a split circulation of money, just one integrated quantity of money circulating among banks and non-banks alike."[20]

Along the years, Positive Money has broaden its agenda towards somehow more short-term proposals such as:

  • QE for the People: the organisation proposes to channel the Bank of England's money creation known as QE towards green investments or towards the general public
  • More diversity at the Bank of England[21]
  • Greening Monetary policy[22][23][24]
  • Introducing a central bank digital currency[25]

See also

References

  1. ↑ Fran Boait, "Monetary policy has an enormous impact on politics. It's time for a radical rethink", The Guardian, 12 October 2016 (page visited on 23 February 2018).
  2. ↑ "Making money and banking work for society". positivemoney.org. Retrieved 2018-03-01.
  3. ↑ Jason Douglas, "UK activist group emerges as voice for monetary reform", The Wall Street Journal, 19 August 2015 (page visited on 23 February 2018).
  4. ↑ Glaser, Eliane. "Nation-states aren't households: debating their economies as if they are is stupid". New Statesman.
  5. ↑ "Our vision - Positive Money". positivemoney.org. Retrieved 2018-09-28.
  6. ↑ (in French) "Monnaie pleine : une opportunité en Suisse pour changer la monnaie" [The "Full money" federal popular initiative: an opportunity to change currency in Switzerland], La revue durable, number 60, winter-spring 2017-2018, pages 26-29.
  7. ↑ Falconer, Ben (17 December 2017). "Labour chooses new candidate to fight for Gloucester seat". Gloucestershire Live. Retrieved 8 March 2018.
  8. ↑ Stilliard, Ed (30 January 2018). "How this woman plans to become Gloucester's next MP". Gloucestershire Live. Retrieved 8 March 2018.
  9. ↑ "Local Groups - Positive Money". positivemoney.org. Retrieved 2018-09-28.
  10. ↑ "Lack of Diversity at the Bank of England Continues". positivemoney.org. Retrieved 2018-09-28.
  11. ↑ "Impact of the financial crash on UK households: Most homes lost £23,000". Compelo - latest news, features and insight on influencers and innovators within business. 2018-09-14. Retrieved 2018-09-28.
  12. ↑ "The International Money Reform Movement is underway - Positive Money". positivemoney.org. Retrieved 2018-09-28.
  13. ↑ "E.C.B. Expected to Expand Eurozone Stimulus, as Questions of Effects Remain". Retrieved 2018-09-28.
  14. ↑ "La planche à billets pour tous". Alternatives Economiques (in French). Retrieved 2018-09-28.
  15. ↑ "Positive Money Europe". Positive Money Europe. Retrieved 2018-09-28.
  16. ↑ "QE for People becomes Positive Money Europe". positivemoney.org. Retrieved 2018-09-28.
  17. ↑ "Sovereign Money: An Introduction - Positive Money". positivemoney.org. Retrieved 2017-11-12.
  18. ↑ (in German) Daniel Eckert, "Der Krieg um das sichere Geld der Zukunft", Die Welt, 12 January 2014 (page visited on 23 February 2018).
  19. ↑ Constancio, Vitor. "Challenges for the European banking industry". European Central Bank. Retrieved 2018-09-28.
  20. ↑ "Setting the record straight: Sovereign Money is not Full-Reserve Banking - Positive Money". positivemoney.org. Retrieved 2018-09-28.
  21. ↑ "Why diversity at the Bank of England matters - Positive Money". positivemoney.org. Retrieved 2018-09-28.
  22. ↑ "Bank of England urged to focus on green objectives". Financial Times. Retrieved 2018-09-28.
  23. ↑ Chrispin, Sebastian. "Reality Check: Could the Greens change how money works?". BBC. Archived from the original on 30 November 2016.
  24. ↑ Jason Hickel, "To deal with climate change we need a new financial system", The Guardian, 5 November 2016 (page visited on 23 February 2018).
  25. ↑ "Digital Cash: Why central banks should issue digital currency". positivemoney.org. Retrieved 2018-09-28.
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