Pretty useless article since it in no way explains what concrete actions could or would be taken on the basis of tracking NGDP.

Leaving the gold standard was indeed a great idea. What’s not great, and hardly ever mentioned in such articles, is the acceptance by most economists and financial experts of the ludicrous concept of delegating the supply of a nations money to commercial banks intje form of interest bearing loans. If we ever wish to have a fair and accountable money system, the power to create money must be taken from private banks and given back to a public body.

They’re doing this now aren’t they…as much as they can.
(As #1 says – what else can they do?)
They’ve certainly abandoned any pretence of controlling inflation over the past few years.

#2,

Private banks can’t create money, only central banks can.

1. Probably the best proponent of NGDP tracking is Scott Sumner. He may have some answers for you here:

http://www.themoneyillusion.com/?p=18145

Compare Ben Bernanke’s recent speech outlining the US Fed’s policy for 2013. By that account, the Fed is going to put greater emphasis on getting the unemployment rate down than on curbing inflation:
http://ivn.us/2012/12/14/ben-bernanke-outlines-fed-policy-for-2013/

This is more a recognition of adjusted policy priorities for the times in which we are living than going soft on curbing inflation. The fact is that higher unemployment rates and lost GDP growth are permanent economic losses as well as sources of social pain.

Update:

Stephanomics: A new target for the Bank of England
The Bank of England has had a formal inflation target since the mid 1990s. Is it the time for it to target something else?
http://www.bbc.co.uk/news/business-20727291

The way things are moving is a great victory for the econ blogosphere. Moreover, it is highly unusual for an economic policy to enjoy support from the left and the right, that is when they understand the idea. NGDP level targeting is not a new idea, Hayek supported something like NGDPLT. The British Nobel winning economist, James Meade developed the idea after WW2. Sir Samuel Brittan regularly wrote about the subject in FT articles throughout the 1980s. Giles Wilkes does deserve credit for pushing the policy idea through Cable, but Giles before he was an apparatchik was an early follower of Scott Sumner’s blog.

This is why it is great victory for the blogosphere and the new power of the internet. To get the most powerful human beings on the planet to change their policies or at least consider alternatives through blog arguments is an amazing achievement. The contemporary dead tree journalists who started to write on the subject were picking it up from the econ blogosphere. I stumbled across Scott Sumner’s blog in February 2009, just a few days after he made his first post. Nobody had ever heard of him or even knew the obscure U.S. college where he taught. In the so-called classless U.S. society status is everything. No one in high policy positions pay attention to economists in the U.S. unless they teach at Ivy League universities. Yet, nearly four years later the Foreign Policy magazine named obscure Scott Sumner at no. 15 in their global thinkers for relentlessly pushing NGPLT and causing the most powerful people on the planet to reconsider monetary policies. Before the internet, Scott Sumner would have remained unknown even amongst economists. He could have held the same ideas and they would have gone nowhere.

IMO we will need to see what happens to the inflation rate before joy over the change in the BoE’s monetary policy target is unconfined.

The worry is moving into situations where the unemployment rate is on a rising trend and where the BoE’s forecasting models are predicting a high likelihood of rising inflation downstream when the BoE’s interest rate is already at its lower bound of half a per cent so softening monetary policy will mean more QE and/or more funding for lending.

Recent movements in both the unemployment and employment rates have been encouraging but the trend rate of long term unemployment is also rising.

http://en.wikipedia.org/wiki/Friedman's_k-percent_rule

With so many experts why is know one talking about what is causing all the problems in the first place Milton Friedman’s k percent rule.

Slowly people are waking up to the fallacies of the World Bank and IMF.

John Maynard Keynes quit his post in Germany in 1923 over these policies.

Shipping factories from country to country with low inflation and forcing upon them WTO rules only serves the Waltons and other MegaCorporations which they don’t remember the Douglas Clan of Scotland nor do they understand Adam Smith and the small business model.

Applying statistics to the flow of money is not economics it is working so well even the guardian has articles about the failure of QE.