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Why is there so much Debt?

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Published on Oct 24, 2012

http://www.positivemoney.org.uk/
Individuals and families in the UK have a total of £1,170 billion of debt. But who did we borrow all this money from? Was it from an army of grannies who have spent their whole lives putting money away for a rainy day?

No.

When you go into a bank and borrow a large amount of money to buy a small amount of house, that money doesn't come from somebody else's savings.

It's just created, out of nothing, by the bank, with a few taps on a computer keyboard.

Music and animation by Henry Edmonds
Narrated by Conor Irwin (www.conor-irwin.com)
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Positive Money is a not-for-profit research and campaign group. They work to raise awareness of the connections between our current monetary and banking system and the serious social, economic and ecological problems that face the UK and the world today. In particular they focus on the role of banks in creating the nation's money supply through the accounting process they use when they make loans - an aspect of banking which is poorly understood. Positive Money believe these fundamental flaws are at the root of - or a major contributor to - problems of poverty, excessive debt, growing inequality and environmental degradation. For more information, please visit: http://www.positivemoney.org.uk/

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