Positive Money today released the results of their latest poll of MPs in which they establish that 85% of MPs don’t have the correct knowledge of where money comes from. (Video link here). The result is, quite honestly, no surprise.
What IS a surprise is that 70% of MPs think that only the government has the authority to create new money.
I draw two conclusions:
1. that Positive Money’s proposals that money should be created by a government/bank committee are so near to what 70% of MPs think happens already that there should be no difficulty in legislating for this… (even if, personally I don’t entirely agree!)
2. that 70% of MPs must include a lot of Conservatives and of Labour ‘Austerity Lite’ MPs.
So why are they lying to us when they tell us that ‘there is no money’ or ‘money is short’ when they themselves believe the government has the right to create, not just some, but all new money?
What, exactly, is stopping them creating more?