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How the BBC is misleading the public about the financial crisis

August 10, 2012


BBC Complaints
PO Box 1922

10 August 2012

Dear Sir/Madam

BBC Coverage of Banking and Finance – How Money is Created

I would like to make it plain that I am not accusing anyone of bad faith or deliberate bias, but I do believe that the likes of Robert Peston, Stephanie Flanders, and Paul Mason have been mislead (as have many politicians have) by false economics doctrine. The general ignorance on the subject of how money is created has very serious consequences for the management of the economy, and I therefore ask the aforementioned commentators to open their minds to research on this subject.

I am not able to quote particular comments, but the complaint made by the campaign group Positive Money at is consistent with my recollection of the general tendency of BBC comment. I have to rely on the conscience of your commentators to inform themselves and recognise their omissions. Positive Money puts the whole issue very well, but in case your commentators think they are ‘crazies’, may I suggest they acquire a copy of the publication published by the New Economics Foundation in September 2011, entitled, “Where Does Money Come from: A guide to the UK Monetary and Banking System”. This publication quotes a large number of authoritative references. I would be happy to send you a copy if one of your commentators promises to read it!

Yours faithfully

David H Smith

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