Panderos wrote:I've been meaning to make a post about these guys since reading this thread last year.
http://www.rationalskepticism.org/news- ... 31210.html
Positive Money believe commercial banks create money from thin air and as a result force the whole world into some kind of inescapable debt-slavery.
Does anyone here understand (central) banking enough to explain if this is accurate or not? My crank detector is bleeping, but I don't really know enough about this to say for sure.
PositiveMoney are absolutely NOT cranks. Your detector is bleeping merely because this is so damned outrageous. A lot of people have trouble believing it when they first hear about it, but that doesn't mean it is not true. Also, certainly people who think they understand it, because they were taught something different at university, have a particular problem coming to terms with it, because they have to accept they've been led astray by people who were supposed to know better.
Note: The internet is full of people who claim to understand just how banking works. If anyone here is going to make such a claim, at least give me a reason to believe you.
I'm asking you to believe the ex-governor of the bank of England, and his deputy. Why would you believe Blackadder over Mervyn King??