It is the economy’s best kept secret: virtually all the money in circulation has been lent into existence by commercial banks. The folk notion that most of our money is created by the Bank of England or some official body is a dangerous myth. Why dangerous? Because when the government in effect franchised the creation of money to the banks it failed to keep an eye on what they did, or agree a proper ‘quid pro quo’ for the privilege. Our panellists look at the full implication of this and ask what could be done differently. Please note that Tony Greenham is no longer able to attend.