The fact that borrowers have to pay interest on 'loans' from banks, causes money to be redistributed from the bottom 90 percent of the population into the pockets of the richest 10 percent says the campaigning site PositiveMoney.org.
Instead, what they would liken to see is a new way of money creation where money was 'spent' into the economy by government (see the short video below).
It all starts with how money is created at present as the PositiveMoney.org video below shows. Only three percent (yes three percent) of the money in circulation is in the form of notes and coins – the rest is in digital form created by bank loans.
In fact if all debt was cancelled we would be left with virtually no money at all.
Most people think that when you take out a loan, credit card or mortgage that the borrower gets money that has been deposited by savers – makes sense?
But no, if you've ever had a savings account in a bank or building society then I ask one question – have you ever seen an entry on your account statement saying that money has been withdrawn from it to give to Mr Smith for his car loan? No is the answer.
So where does the loan money come from if not from depositors accounts? The answer is from thin air and then the banks charge interest on it, which may go some way to explaining why bankers always have the shiniest nicest offices to work in.
But the worst of the system is that it ends up hoovering money upwards in truckloads whilst a handful of small change is allowed to 'trickle down'.
It also ends up says PositiveMoney.org with businesses funding the banks and the rest of the UK funding the City of London.
Please watch the video below and visit their site at PositiveMoney.org for more information.