Are banks able to change?


Quote from a New Economics Foundation article: “Our leaders’ ambitions are still limited to managing the damaging consequences of banks’ current business models, rather than challenging those business models.
There is less interest in developing policies that might nurture new types of bank (suggestion here) , which are genuinely focussed on serving communities and the real economy, and not just on generating profits for shareholders.

Are banks able to change? Probably not, they are set up as any commercial business is to offer a product or service wanted by enough people so that the profits from supplying that service can go to the shareholders. Why should they change?

The service they offer is “managing our money” that is transferring it around when something we value has been offered or received.

But, by some idiotic historical fairly unplanned process, they also


What this means is that they and not elected governments, can control the economics for us all.

This could be changed!

Economists recognize that “money” is not a thing in itself, it is a symbol of an agreed value for goods, services, things needed or wanted. Most economic theories, are about “What money does”, how it can be used and transferred, what kinds of uses and modes of transfer will produce what results for investment and returns in the future. Economists, knowing that money is a symbol, rarely address “What money is?” nor “Where does it come from?” nor “How is it created?” These questions lie within a social and economic history that have produced the Monetary System, within which economics is applied.

The Monetary System is in the control of commercial banks.

a UK based video

A USA based video

We need a different Monetary System

The current monetary system, now world-wide, grew from history, the interactions of people, companies and nation states. It contains an unsustainable effect, a flaw, as money needed for circulation is created as debt to be repaid with interest. Thus there is a charge against future production, requiring continued increase in production, and somewhere bankruptcy and/or exploitation occurs, such the cycles of boom and bust and rampant inequality that seem to be ever more severe. The system as a whole is unsustainable. So in the meantime we all carry on doing the best we can in our own circumstances.

Monetary reform seeks specifically to consider the way that money is created, who creates it and how it gets into the economy. There are viable alternative systems that would democratise money and enable a more optimally functioning economy and fairer society.


This petition asks that Monetary systems are considered, looking at how money is created, who should be responsible for creating it, and how it should be circulated into the economy.


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