Follow Slashdot blog updates by subscribing to our blog RSS feed

 



Forgot your password?
typodupeerror
×
The Almighty Buck

Submission + - Posotive Money - A new way of banking (positivemoney.org.uk)

M4n writes: "“Of all the ways of organising banking, the worst is the one we have today”
- Mervyn King, Governor of the Bank of England Oct 2010

London based 'Positive Money' are gaining traction for an alternative to the fractional reserve banking system that enabled the recent global financial crisis. They have been making significant progress and are talking to members of parliament, economists and engaging with the public, many of whom are showing significant interest in their ideas.

Under the current system, the power to create money belongs to high street banks like Lloyds, Barclays, HSBC and RBS. In fact, all the numbers in your bank account were created by them, not by the UK government. Hard to believe? Ask Martin Wolf from the Financial Times:

Banks create new money (the numbers in your bank account) when they make loans. As the Bank of England says, “When banks make loans they create additional [bank] deposits for those that have borrowed the money.” This means that nearly every pound in the economy today was created when somebody went into debt. All the money that we need to trade, to buy food, and to run businesses, must be borrowed from the profit-seeking banking sector, at a huge cost to us, and a massive benefit to them."

Japan

Submission + - 18000 x norm radiation in San Francisco tap wate (alexanderhiggins.com) 2

M4n writes: Despite countless reassurances that no harmful levels of radiation from the Japan nuclear fallout would hit the US from the EPA, the University of Berkeley in California is now reporting that rainwater in San Francisco water has now been detected at levels 18,100% above federal drinking water standards.

Iodine-131 was measured in a rainwater sample taken on the roof of Etcheverry Hall on UC Berkeley campus, March 23, 2011 from 9:06-18:00 PDT. The 3 Liters of rainwater collected contained 134 Becquerels of Iodine for an average of 20.1 Becquerel per liter, which equates to 543 Picocuries per litre.

The federal drinking water limit for Iodine-131 is 3 Picocuries per liter, putting the rainwater sample at 18,100% above the federal drinking water limit.

Slashdot Top Deals

One way to make your old car run better is to look up the price of a new model.

Working...