UK: “Shocking ignorance” from MPs who don’t know where money actually comes from

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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.

Journal of People

by Jasper Jolly

CITY A.M. | October 27, 2017

Anti-government Protestors Turn Out For Theresa May's Farewell Drinks Event

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.

View original post 226 more words

6 thoughts on “UK: “Shocking ignorance” from MPs who don’t know where money actually comes from

  1. 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 😦

    Like

  2. Pingback: UK: “Shocking ignorance” from MPs who don’t know where money actually comes from — The Most Revolutionary Act – Suman Freelancer

  3. 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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