Josh conducts research on the impact of money and credit on the macroeconomy, two areas much neglected in mainstream economics. He is the lead author of nef's guide to the UK monetary system - Where does money come from? - which sets out in non-technical language how commercial banks dominate the creation and allocation of credit and money. He examines problems with the current model and researches alternatives, including public banks, credit guidance by central banks or governments, ‘sovereign money’ proposals (full-reserve banking) and decentralised complementary and peer-2-peer currency systems.
where does money come from? reveals how the bulk of today’s money supply is created and allocated by commercial banks in their role as providers of credit. The fact that private banks can create money is understood by central banks, but little known by the public. The authors argue that this system is inherently unstable and this second edition includes sections on Libor and quantitative easing.