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Only 15 per cent of MPs surveyed answered correctly when asked a true/false question on whether banks create money when they make loans. Almost two-thirds of the 50 MPs surveyed by Dods for campaign group Positive Money wrongly thought banks can’t create money, while a quarter admitted they didn’t know.
by Jasper Jolly
CITY A.M. | October 27, 2017
Money doesn’t grow on trees – but it doesn’t come from the government either (Source: Getty)
The majority of Britain’s politicians don’t know where money comes from, despite being tasked with deciding how much of it ends up being spent, according to a poll of MPs published today.
Only 15 per cent of MPs surveyed answered correctly when asked a true/false question on whether banks create money when they make loans.
Almost two-thirds of the 50 MPs surveyed by Dods for campaign group Positive Money wrongly thought banks can’t create money, while a quarter admitted they didn’t know.
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The Most Revolutionary Act 
That’s what we’re up against! 85% of them don’t know – and most of those don’t want to know!
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It would be even worse if they surveyed the US Congress – I think Senator Rand Paul might be the only one with the right answer.
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By the way, I understood what the problem was with my comments on your blog. If The comment includes more than 2 links it loads slowly, so I thought it hadn’t loaded at all. Sorry about that 😦
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Pingback: UK: “Shocking ignorance” from MPs who don’t know where money actually comes from — The Most Revolutionary Act – Suman Freelancer
Well, ultimately the by force backed taxes which pay bonds are what props up their money. But this is splitting hairs, methinks.
I wonder who exactly the quarter admitting ignorance are. If they are spread over all parliament one has to ask if they share some hidden property, a transcendental thing which we could activate across the spectrum.
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According to Australian economist Steven Keen, who has investigated it, there are no bonds or taxes backing up the money private US banks create. There used to be a 10% reserve requirement – ie banks had to have at least 10% in deposits (either from depositors or the central bank) for every loan they made. Now there is virtually no reserve requirement, which mean banks literally create as much money as they want out of thin air. See https://stuartjeannebramhall.com/2013/10/10/an-australian-looks-at-the-us-economy-3/
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