Historically, proposals to reform the monetary system typically involve two kinds of disintermediation of money: from banks, and from the state. Some aim only for one of these” for example, the idea of ‘100 per cent money’ (echoed more recently by – among others – the Positive Money campaign in the UK,7 Gode Penge in Denmark,8 Fair Money in Australia,9 and Betra Peningakerfi in Iceland10) followed the Chicago Plan first conceived by Frederick Soddy during the 1920s and subsequently advocated by Irving Fisher and Henry Simons in the aftermath of the Great Depression sought to take the right to produce money away from banks, 11 while Hayek’s proposals for denationalizing money (echoed more recently by various proposals for ‘monetary freedom’ or ‘free market money’) aimed at disconnecting money’s production from the state.
CREATING NEW MONEY
A monetary reform for the technological age
BY JAMES ROBERTSON, JOSEPH HUBER
31 MAY 2000
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How can the money system be made to work better? How can its workings be made less mysterious — easier for politicians and citizens to understand? This report gives the answers.
The existing money system is out of date. In modern democratic societies, the value created by issuing new money should be a common, not a private, resource. New money should be put into circulation as public spending, not as profit-making loans by commercial banks. In Britain, the result would be equivalent to 12p off income tax. Other countries would benefit comparably.
In the information age, money has mainly become information, electronically stored and transmitted. Monetary policies that serve the public interest can no longer be founded on a smoke-and-mirrors fiction that “real money” lurks behind the information.
The authors propose a simple reform, and spell out its practicalities step-by-step. The economic, social and environmental arguments for it are very strong. The public purse, private households and businesses will all benefit from it.
wikipedia (transl) …” Zarlenga’s views are supported by numerous people, including Post-Keynesians such as Australian Steve Keen and American Michael Hudson, and mainstream economists such as German former banker Michael Kumhof who found The Lost Science to be “a masterful work.” The London-based organization Positive Money is promoting the views held by Zarlenga, while in June 2018, a referendum was held in Switzerland on a proposal to “eliminate bank-created money.” The proposal was defeated “in a landslide” with approximately 76% of voters against it. In 2010, and again in 2016, the Green Party, US adopted in its platform on the economy proposals in line with Zarlenga’s ideas on the nationalization of the Fed, the elimination of fractional banking, the creation by the state of so-called “debt-free money” only, etc. …”…