Treasury Spreads Misinformation
Yes, some of our supporters are trying to get the answers from the government. Many write to their MPs and few MPs do indeed investigate further, writing to the Treasury.
And what do they get as an answer?
So far, the answers were always misleading. We’ve seen many letters like this one below, where the Minister Mark Hoban claims:
“The banks can’t create money, they can only extend credit.”
So, if you didn’t know until today, now you know it:
The money in your bank account IS NOT MONEY at all!
…according to the Treasury!
Despite the fact that they themselves accept the payments of taxes with these numbers…
Despite numerous clear statements in the Bank of England’s documents that confirm that:
The money-creating sector in the United Kingdom consists of resident banks (including the Bank of England) and building societies.
Everyone I know considers the numbers in his bank account to be money. After all, we can pay for everything with these numbers. But apparently, the Treasury doesn’t.
The Treasury keeps spreading these misleading information guiding people to believe that the claims that banks can create money are pure myths.