31 Jan '17, 9am

Banks are making money out of making money, while we lose out on billions every year (via @NEF)

Josh Ryan-Collins Senior Economist - Finance & Economy Who controls the creation of new money? Many people might answer ‘the state’ or the ‘central bank’. But the hard currency printed by the Bank of England only amounts to 3% of the money in circulation in Britain today. The rest? It’s created and allocated by commercial banks in the form of digital money – the pixelated numbers you see on your phone or computer screen. Banks have close to complete control over the supply of new money, as we and others have long pointed out . But today we and the Copenhagen Business School can reveal what this monopoly means in practice: an average annual banking bonus of £23bn . The likes of HSBC, RBS and Barclays are literally making money from money. Where does this subsidy come from? First, a historical term: ‘seigniorage’. This refers to the profits that are generated through the cre...

Full article: http://neweconomics.org/2017/01/exposed-banks-23bn-hidden...

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