Saturday, 17 March 2018

Nonsense from Positive Money Europe on power generation.

I support the basic idea pushed by the UK organisation “Positive Money” since its foundation, namely that private banks should not be allowed to create money from thin air and lend it out: i.e. only the state should “print” money. However, PM Europe’s latest idea, namely that the financial system is threatened by the fall in the production of carbon based fuels is just nonsense. The title of their article is “Sustainable Finance & Central Banks”.

US coal production in 2017/18 was around two thirds of what it was ten years earlier according to this source.  As for the UK, coal production has completely collapsed: from 200million tons in the early 1960s to 4 million tons in 2016!!!

The financial system certainly faced possible collapse ten years ago, but no one (apart from PM) has ever suggested that is down to the decline in coal mining.

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