Gode Penge is a volunteer-driven association that works to change the banking and monetary system so that it works for society. Today, electronic money is created when banks lend money. It leads to bubbles, collapse and crises. Therefore, we will democratize the banking and monetary system for the benefit of citizens, businesses and the state.
The association was founded in 2014 and has since been working on a dual purpose: to spread knowledge of how the banking and monetary system, and to mobilize citizens, businesses, organizations and politicians to implement bank reform – and the monetary system.
Today, banks make new money when they lend money and create debt. When the bank lends you 1 million DKK at the touch of a button, it is like printing 1 million DKK in banknotes.
Banks make a lot of money in good times but stop abruptly in bad times. It leads to bubbles, collapse, crises and losses. And it creates a debt spiral where there is always too little money and where money is moved from citizens and businesses to the banks. This money system has evolved in silence and without political interference, especially in the past 50 years. The parliament has never debated it. Politicians do not control the money supply and it is a democratic problem. Banknotes and coins constitute only approx. 5% of the total amount of money, the rest are electronic accounts.
Gode Penge is working for a democratic monetary system, where only Danmarks Nationalbank can generate money and all citizens can get an account at Danmarks Nationalbank for salary and daily payments. Private banks will be able to accept deposits and deposits by individuals and companies, and most people imagine that banks do today. But the banks will not be able to lend money, as they do not already have.
Basically, it makes sense and reasonable separation of the two functions: lending and money creation. This separation means that we can get new money in the economy without simultaneously get new debt.
Basically, the reform deprives private banks’ privilege of making money and gives Danmarks Nationalbank a monopoly on this (as most people imagine it works today).
Our monetary reform will lead to a more stable economy with fewer and weaker economic
fluctuations beneficial to the whole community. It will create an economy with less debt, opportunity for more entrepreneurship, greater political space, stable housing prices, and lower risk of housing bubbles and crises. The money reform will deprive banks the privilege of making money so that they must compete freely with similar money companies such as crowdfunding, crowdlending and private individuals who want to borrow saved money for a good initiative.
So, what are we waiting for?
Gode Penge is run by a board and a volunteer campaign group, supported by a smaller secretariat. The association is ongoing in debate and contact with decision makers, companies and media. In addition, we develop teaching and learning material and hold courses and presentations at colleges, colleges and other institutions. The association has approx. 800 paying members and one new member every second day. We have more than 2,500 subscribers on our newsletter and approx. 8,000 followers on Facebook.
We do not join any ideological or political party but cooperate with anyone who can promote our cause. The association has a special focus on Denmark but is part of the International Movement for Monetary Reform umbrella organization, which contains associations for the same purpose as Gode Penge throughout the world.
If you would like to hear more, you can sign up for our newsletter on the website and follow Gode Penge on Facebook. We make open and free events, follow the website or Facebook if you want to join. You are also always welcome to contact us.
Sofie Brink Nielsen, associate coordinator Gode Penge