258:
77:
646:
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130:
36:
825:" and is limited by government regulators not to exceed a level which they deem adequate to ensure the ability of banks to meet their payment obligations. Under this system, which is currently practiced throughout the world, the money supply varies with the quantity of legal reserves and the amount of credit issuance by banks.
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while the money supply is determined by the market. In a sovereign money system, the central bank controls the money supply while the market controls the interest rate. In the traditional system, the need for investments determines the amount of credit that is issued. In a sovereign money system, the
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in circulation. This is a result of the accumulated compound interest of credit money. This counterintuitive fact makes it virtually impossible to repay all debt. The mathematical consequence is that somebody will have to go bankrupt even if they have done nothing wrong. It seems unfair that somebody
967:
Less than 6% of the money in circulation in the world is coins and bank notes, the rest originates from bank credit, carrying interest. This interest allows banks to earn rents from the mere fact that money exist. Reformers do not think it fair that the whole society is paying rents to the banks just
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The international monetary reform by proposing the development of a world central bank managed jointly by all member countries in the world. The world central bank then issues a real international currency that coexists with the national currency of each member country and can be converted to each
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However, given that these policies do not address the more fundamental issues inherent in fractional reserve banking, many suggest that only more radical monetary reform such as government directly taking over central banks such as the China or Swiss models can promote positive economic or social
1003:
have been promoting loans to resource-rich developing countries for the expressed purpose of promoting economic growth in these countries, yet these loans were denominated in foreign currencies and most of the money were used for paying transnational entrepreneurs without ever entering the local
1315:
Still other radical reform proposals emphasise monetary, tax and capital budget reform which empowers government to direct the economy toward sustainable solutions which are not possible if government spending can only be financed with more government debt from the private banking system. In
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A major part of all new credit money that is created is spent on changing the ownership of existing assets rather than creating new assets. This process inflates the prices of assets, including real estate, factories, land, and intellectual rights. This makes living unnecessarily costly for
1350:
movement, support the issuance of repayable interest-free credit from a government-owned central bank to fund infrastructure and sustainable social projects. This social credit movement flourished briefly in the early 20th century, but then became marginalized. In Canada, it was
790:
other at an exchange rate that follows the fundamentals of each country called "auto-balancing". The international currency is only for crosborder transactions between member countries, while domestic transactions continue to use their respective national currencies.
945:
when private banks are creating credit money. Credit money can be converted to reserve money in various ways so that there is no practical limit to the amount of credit money that can be created by private banks. This increases the risk of
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creates "out of nothing". These critics claim that this system causes economic activity to depend on the actions of privately owned banks, which are motivated by self-interest rather than by any explicit social purpose or obligation.
1027:
The exponentially increasing debt in society can only be serviced as long as the rate of economic growth exceeds the interest rate. This creates an imperative for perpetual growth in production and consumption. This leads to
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Both these groups (those who advocate the replacement of fractional-reserve banking with debt-free government-issued fiat, and those who support the issuance of repayable interest-free credit from a government-owned
867:, because banks are granted the legal right to issue new loans while charging interest on the money thus created. Rowbotham argues that this concentrates wealth in the banking sector with various pernicious effects.
920:
governments to service external debt with the sale of valuable hard and soft commodities on world markets is seen by some to be destructive of local cultures, destroying local communities and their environment.
1146:
amount of saving determines the investments. This change of influences will generate a new and different system with its own dynamics and possible instabilities. The interest rate may fluctuate as well as the
1128:
A reform would lead to an unhealthy concentration of power at the central bank. Critics doubt that the central bank can determine the required money supply better than the private banks can.
916:
governments that do not have the capacity to pay the interest on these loans without severely affecting the well-being or even the viability of the local population. The attempt by weak
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and overexploitation of resources. The technological progress in labor-saving technologies has not given us more leisure as we expected, because of the necessary growth in consumption.
779:
in the form of interest-bearing bonds. These direct cash payments would be made to "replenish" or compensate people for the net losses some monetary reformers believe they suffer in a
764:. Such interest-free but repayable loans could be used for public infrastructure and productive private investment. This proposal seeks to avoid debt-free money causing inflation.
1111:
would quite likely be subjected to political pressures for producing more money for whatever purpose is high on the political agenda. Giving in to such pressures would lead to
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which impose minimum reserve requirements on banks. Mainstream economists believe that these monetary reforms have made sudden disruptions in the banking system less frequent.
2727:
983:
It is not only individual persons and businesses that go bankrupt as a consequence of the fact that there is more debt than money in circulation. Many states have gone
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are also now possible to allow trading in hard currencies such as gold, and some believe a new free market will emerge in money production and distribution, as the
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Several major historical examples of financial regulatory reform occurred in the 20th century relating to fractional-reserve banking, made in response to the
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is explicitly given the power to set interest rates and conduct monetary policy independent of any direct political interference or direction from the
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1045:
of their homes. This allows banks to replace their virtual assets in the form of money created 'out of thin air' with physical assets in the form of
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675:
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are affected when a large part of the money circulating in the country originates from banks in other member countries. The spiraling, unpayable
1626:
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Some governments have experimented in the past with debt-free government-created money independent of a bank. The
American Colonies used the "
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1891:
1808:
845:
1616:
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Banks typically make loans to customers by crediting new demand deposits to the account of the customer. This practice, which is known as
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Some monetary reformers favour permitting competing banks to issue private banknotes whilst also eliminating the central bank's role as
859:
and leads to business cycles propagated by excessive capital investment and subsequent contraction. A small number of critics, such as
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1004:
economy. These countries have been forced to sell off national assets in order to service the debt. Also a number of countries in the
1230:(and thereby debase the currency) to save the banking system from bankruptcy or collapse during periodic bank runs, thereby inducing
821:, permits the total supply of credit to exceed the liquid legal reserves of the bank. The amount of this excess is expressed as the "
2138:
2002:
1968:
897:
231:
213:
111:
63:
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Switching to an untested banking system that differs from that of other countries would lead to a situation of extreme uncertainty.
151:
144:
1324:, support the restriction or banning of fractional-reserve banking (characterizing it as an illegitimate banking practice akin to
96:
Please help improve this article by looking for better, more reliable sources. Unreliable citations may be challenged and removed.
2722:
1606:
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in particular advocating the revived use of gold as a stabilising factor in the international financial system. Henry Liu of the
1226:
may appear to control inflation, through periodic bank rescues and other means, they may inadvertently be forced to increase the
1206:. This may enable the setting of interest rates to be less susceptible to political interference and thereby assist in combating
49:
941:
Money are created when a loan is made and this money disappear when the loan is paid down. The central banks cannot control the
1352:
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in developing nations, in that they appear to these writers to be "forcing" a regime of extortionate or unpayable debt on weak
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systems can operate within small communities, outside of government systems, and use specially printed notes or tokens called
194:
2639:
1831:
1460:
1360:
166:
2595:
2404:
Botschaft zur
Volksinitiative "Für krisensicheres Geld: Geldschöpfung allein durch die Nationalbank! (Vollgeld-Initiative)"
2411:
90:
1541:. In the absence of these factors, they believe a gold standard or silver standard would arise spontaneously out of the
992:
668:
1403:. He believed it was the efforts of English bankers to revoke this government-issued money that caused the Revolution.
173:
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1356:
1304:
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1150:. It is not certain that the market will find an equilibrium where the liquidity is sufficient for the needs of the
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However, some critics of fractional reserve banking argue that the practice inherently artificially lowers real
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will become destitute as a consequence of the money system rather than because of their own reckless behavior.
1018:
everybody. It contributes to growing inequality and it makes the economy unstable because of the creation of
2830:
2480:
Dyson, Ben; Hodgson, Graham; van Lerven, Frank (2016). "A Response to
Critiques of 'Full Reserve Banking'".
2314:
Bezemer, Dirk, and
Michael Hudson (2016) "Finance Is Not the Economy: Reviving the Conceptual Distinction."
1277:
661:
162:
1861:
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Abolition of central bank support of the banking system during periods of crisis and/or the enforcement of
257:
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1299:, the idea of all-encompassing reform for green or peace objectives is typically espoused by those on the
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The total amount of public and private debt in the world is now between two and three times the amount of
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76:
2335:
1672:
2426:
1768:
1538:
1375:) see the provision of interest-free money as a way of freeing the working populace from the bonds of "
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for the privately owned banking system to remove the possibility of bank runs, possibly combined with
1601:
930:
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738:
718:
55:
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2647:
2554:
Dittmer, Kristofer (2015). "100 percent reserve banking: A critical review of green perspectives".
2377:
2114:
Benes, Jaromir and
Michael Kumhof (2012). "The Chicago Plan Revisited". IMF Working Paper, no. 202.
1621:
1396:
555:
420:
383:
274:
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2049:
645:
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1518:
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1438:
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1414:
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1254:) see a role for global monetary reform as part of a system of global institutions alongside the
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The central bank may have to provide credit to commercial banks and accept the accompanying risk.
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1998:
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1954:
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1328:) and advocate the replacement of fractional-reserve banking with government-issued debt-free
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For an example of the public criticism of the current monetary system, see the speech of the
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Some go further and suggest that wholesale reform of money and currency, based on ideas from
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Some critics discuss the fact that governments pay interest for the use of money which the
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1507:, their character as stable and impervious to decay, and their inherently limited supply.
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because the process by which the bank had created money from nothing was fraudulent (see
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1984:
1950:
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and towards sustainable economic policies and environment-friendly business practices.
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1379:" and facilitating a transformation of the economy away from environmentally damaging
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and some states have done so many times. The debt problem is particularly severe for
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Some monetary reformers criticise existing global financial institutions such as the
848:) to mitigate against the danger of bank runs. Countries have also implemented legal
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2067:"A Lost Century in Economics: Three Theories of Banking and the Conclusive Evidence"
1499:, commodities which supporters argue possess unique properties: their extraordinary
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2017:
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takes this further by swapping goods and services directly; a compromise being the
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1884:
The Grip of Death: A Study of Modern Money, Debt
Slavery and Destructive Economics
1839:
1751:
1066:
Among the arguments for keeping the current system of money creation based on the
2592:
1931:
2262:
Web of Debt: The
Shocking Truth about Our Money System and How We Can Break Free
1542:
1496:
1479:
Some proponents of monetary reform desire a move away from fiat money towards a
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1321:
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1046:
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129:
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17:
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free of debt would make it difficult for the central bank to later reduce the
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1000:
889:
519:
494:
395:
319:
2194:
Modernising Money: Why our
Monetary System is Broken and how it can be Fixed.
1409:
used interest-free money created by the government to help the Union win the
698:
Monetary reformers may advocate any of the following, among other proposals:
1916:
1484:
1300:
1284:
1207:
1112:
729:
under the direction of the government. There is an associated debate within
2658:
1311:
Social credit and the provision of debt-free money directly from government
1517:
allows renewed decentralisation and competition in this area, eroding the
2670:
America
Created its Own Money in 1750, by Congressman Charles G. Binderup
2520:
2493:
2475:
2470:
1706:
1522:
1514:
1333:
959:
833:
772:
1504:
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particular, a number of monetary reformers, such as
Michael Rowbotham,
1151:
955:
2131:
The Lost Science of Money: The Mythology of Money – The Story of Power
2093:
2659:
Gertrude Coogan's Bluff, Greenback Populism as Conservative Economics
1487:. This may involve using commodity money such as money backed by the
1483:
or asset-backed currency, which is often argued to be an antidote to
695:
and financing the economy that is different from the current system.
514:
2502:"A Rejoinder to 'A Response to Critiques of "Full Reserve Banking""
2292:
Sacred Economics: Money, Gift, and Society in the Age of Transition
1283:
While some mainstream economists favour monetary reforms to reduce
1276:
argues that monetary reform is an important part of a move towards
1118:
The finance sector would be weakened because its profit is reduced.
1721:
1452:
692:
2683:"Lincoln, Money, Greenback, JFK, Kennedy, Edmund D. Taylor and C"
2374:"How money is created by the central bank and the banking system"
1772:
1141:
In the traditional banking system, the central bank controls the
2543:. Doctoral dissertation, University of Exeter. pp. 251–264.
1417:' "the greatest blessing the people of this republic ever had."
1413:. He is sometimes quoted (probably apocryphally) calling these '
909:
905:
2580:
1736:
1691:
1669:
1049:. In 1968, a court in Minnesota decided that this practice was
691:
is any movement or theory that proposes a system of supplying
123:
70:
29:
2353:
The Future of Money: From Financial Crisis to Public Resource
2337:
Agenda for a New Economy: From Phantom Wealth to Real Wealth
2048:
As an example of groups critical of the World Bank, see the
1346:
Alternatively, some monetary reformers such as those in the
2455:"Full Reserve Banking: More 'Cranks' than 'Brave Heretics'"
2233:"All of the World's Money and Markets in One Visualization"
1174:
To regulate credit creation, some countries have created a
1234:
in the financial system, making the system susceptible to
1758:, Quarterly Journal of Austrian Economics (Vol. 9, No. 1)
1134:
A sovereign money system would stimulate the creation of
2401:
Schneider-Ammann, Johann N.; Thurnherr, Walter (2016).
1336:
rather than from the quasi-government Federal Reserve.
771:– "debt-free" or "pure" money issued directly from the
2434:. Institut für Banking und Finance, Universität Zürich
2581:
Manipulating the Interest Rate: a Recipe for Disaster
1121:
A reform would not offer complete protection against
1993:(5th ed.). New York: Worth Publishers. p.
1959:(5th ed.). New York: Worth Publishers. p.
1343:
has sharply criticized these views in his writings.
2615:
Uses and Abuses of Gresham's Law, by Robert Mundell
2537:
Financial Instability and Foreign Direct Investment
1012:
has led to social chaos and even war in some cases.
2334:
2110:
2108:
2106:
2104:
1803:. Baton Rouge, Louisiana: Third Millennium Press.
1792:
1790:
1433:, would be beneficial. These include the ideas of
884:International organizations and developing nations
2593:Moral Hazard Effects of Central Bank Intervention
2285:
2283:
2281:
2165:An Anthropology of Money: A Critical Introduction
2158:
2156:
2154:
2152:
2150:
1877:
1875:
1873:
775:– rather than the sourcing of fresh money from a
1210:(or debasement of the currency) by allowing the
803:, certain topics reoccur as targets for reform:
2255:
2253:
2188:
2186:
2184:
2124:
2122:
2120:
1170:Government Control vs Central Bank independence
2365:
2363:
2361:
2328:
2326:
2060:
2058:
1930:Rahman, Abdurrahman Arum (13 December 2021).
1387:Examples of government issued debt-free money
1303:of the subject and those associated with the
725:issued and controlled by the government or a
669:
8:
2396:
2394:
2392:
2390:
2388:
2386:
1907:Rahman, Abdurrahman Arum (21 October 2022).
2500:Fontana, Giuseppe; Hodgson, Graham (2017).
2453:Fontana, Giuseppe; Sawyer, Malcolm (2016).
2163:Di Muzio, Tim; Robbins, Richard H. (2017).
1909:Reforming the International Monetary System
1214:to more effectively restrict the growth of
760:by a government-controlled and fully owned
64:Learn how and when to remove these messages
2071:International Review of Financial Analysis
1945:
1943:
676:
662:
256:
245:
2092:
2082:
1081:A reform would make it difficult for the
1055:First National Bank of Montgomery v. Daly
840:. These reforms included the creation of
232:Learn how and when to remove this message
214:Learn how and when to remove this message
112:Learn how and when to remove this message
1933:Initiating a True International Currency
929:Among the arguments for a transition to
749:support ending central bank bail outs ("
1662:
1597:Criticism of fractional-reserve banking
248:
27:Movements to amend the financial system
1722:What has Government done to our money?
1627:Swiss sovereign-money initiative, 2018
1463:(LETS) scheme: a formalised system of
150:Please improve this article by adding
1363:and 1971, and also won many seats in
846:Federal Deposit Insurance Corporation
7:
2681:Carr, William R. (2 December 2000).
2583:, by Thorsten Polliet, December 2007
1617:Monetary reform in the United States
1250:(and more radical thinkers such as
1178:, or granted independence to their
741:should be advocated but regardless
2787:(2008), Ludwig von Mises Institute
2626:The Role of Money, James Robertson
2192:Jackson, A. and Dyson, B. (2012).
1860:As an example of such groups, see
1359:through nine legislatures between
871:Money creation by the central bank
535:Trade / commerce ministry
25:
2425:Birchler, Urs (1 November 2017).
1752:Free Banking and the Free Bankers
1138:and alternative means of payment.
898:Bank of International Settlements
45:This article has multiple issues.
2791:"100% Money and the Public Debt"
1607:Criticism of the Federal Reserve
1555:
644:
128:
75:
34:
2133:. American Monetary Institute.
1866:Social Credit School of Studies
1737:The Case for a 100% Gold Dollar
1353:an important political movement
53:or discuss these issues on the
2780:The Ethics of Money Production
2568:10.1016/j.ecolecon.2014.11.006
2509:Cambridge Journal of Economics
2482:Cambridge Journal of Economics
2459:Cambridge Journal of Economics
1461:Local Exchange Trading Systems
968:for having money to circulate.
756:The issuance of interest-free
1:
2341:. Berrett-Koehler Publishers.
2260:Brown, Ellen Hodgson (2012).
1936:. Global Currency Initiative.
1503:, their strong resistance to
1242:International monetary reform
900:and their policies regarding
152:secondary or tertiary sources
2534:Margeirsson, Olafur (2014).
2290:Eisenstein, Charles (2011).
1886:. Jon Carpenter Publishing.
1421:Local barter, local currency
1367:. It died out in the 1980s.
1262:management and move towards
1037:The unpayable debt leads to
2320:, vol. 50 (3), pp. 745–768.
2213:Central Intelligence Agency
2065:Werner, Richard A. (2016).
1882:Rowbotham, Michael (1998).
1305:anti-globalization movement
1184:Reserve Bank of New Zealand
997:International Monetary Fund
894:International Monetary Fund
2847:
2707:Theory of Money and Credit
2637:The Road to Hyperinflation
2317:Journal of Economic Issues
2264:. Third Millennium Press.
2129:Zarlenga, Stephen (2002).
2084:10.1016/j.irfa.2015.08.014
1707:The Case for a Gold Dollar
1612:Monetary reform in Britain
1572:List of monetary reformers
1162:
1072:fractional reserve banking
993:debt in foreign currencies
819:fractional reserve banking
813:Fractional-reserve banking
810:
364:Deficit / surplus
2412:Schweizerischer Bundesrat
2333:Korten, David C. (2010).
1834:The Lost Science of Money
1465:community-based economics
1332:issued directly from the
1188:Reserve Bank of Australia
1159:Alternative money systems
863:, equate the practice to
795:Common targets for reform
465:Monetary (currency) union
2748:Free Market Money System
2294:. North Atlantic Books.
1797:Brown, Ellen H. (2007).
1399:, much to the praise of
1062:Arguments against reform
781:fractional reserve-based
2687:Heritech.com Index Page
2196:London: Positive Money.
1917:10.33774/coe-2022-1sl9n
1471:in a central location.
1278:post-autistic economics
1198:are examples where the
84:Some of this article's
2769:The Mystery of Banking
2020:The Mystery of Banking
1832:"Stephen A. Zarlenga,
1650:Universal basic income
1632:Modern Monetary Theory
1582:Credit theory of money
1467:that records members'
1395:" system prior to the
1165:Modern monetary theory
1068:credit theory of money
799:Of all the aspects of
576:Discretionary spending
139:relies excessively on
2730:16 April 2009 at the
2598:24 March 2008 at the
2351:Mellor, Mary (2010).
1911:(Report). Economics.
1862:Douglas Social Credit
1675:23 April 2009 at the
1539:lender of last resort
1295:in the allocation of
2724:Not Losing Your Head
2556:Ecological Economics
2209:"The World Factbook"
1602:Full-reserve banking
1521:'s and bankers' old
1338:Austrian commentator
1154:and full employment.
989:developing countries
931:full-reserve banking
925:Arguments for reform
850:reserve requirements
807:Reserve requirements
739:full reserve banking
719:full reserve banking
2785:Jörg Guido Hülsmann
2378:Swiss National Bank
1756:Jörg Guido Hülsmann
1622:Money Free movement
745:economists such as
2821:Monetary economics
2521:10.1093/cje/bex058
2494:10.1093/cje/bew036
2471:10.1093/cje/bew016
2428:Vollgeld-Leitfaden
2231:Desjardins, Jeff.
1985:Mankiw, N. Gregory
1951:Mankiw, N. Gregory
1592:Criticisms of debt
1519:central government
1431:Natural Capitalism
1411:American Civil War
1258:to provide global
1246:Theorists such as
1222:change. Although
1204:central government
1041:of homeowners and
581:Mandatory spending
505:Non-tariff barrier
443:Monetary authority
2380:, 16 January 2018
2301:978-1-58394-397-7
2237:The Money Project
2174:978-1-138-64600-1
2033:Earl of Caithness
2018:Murray Rothbard,
1893:978-1-897766-40-8
1842:on 28 August 2018
1810:978-0-9795608-0-4
1769:"Sovereign Money"
1692:Our Money Madness
1646:three-film series
1527:means of exchange
1401:Benjamin Franklin
1297:financial capital
1273:Asia Times Online
1098:creation of money
861:Michael Rowbotham
842:deposit insurance
686:
685:
627:Fiscal adjustment
242:
241:
234:
224:
223:
216:
198:
163:"Monetary reform"
122:
121:
114:
68:
16:(Redirected from
2838:
2755:
2744:
2738:
2720:
2714:
2711:Ludwig von Mises
2704:
2698:
2697:
2695:
2693:
2678:
2672:
2667:
2661:
2656:
2650:
2642:29 June 2012 at
2634:
2628:
2623:
2617:
2612:
2606:
2590:
2584:
2578:
2572:
2571:
2551:
2545:
2544:
2542:
2531:
2525:
2524:
2515:(6): 1741–1748.
2506:
2497:
2488:(5): 1351–1361.
2474:
2465:(5): 1333–1350.
2450:
2444:
2443:
2441:
2439:
2433:
2422:
2416:
2415:
2409:
2398:
2381:
2367:
2356:
2349:
2343:
2342:
2340:
2330:
2321:
2312:
2306:
2305:
2287:
2276:
2275:
2257:
2248:
2247:
2245:
2243:
2228:
2226:
2224:
2215:. Archived from
2203:
2197:
2190:
2179:
2178:
2160:
2145:
2144:
2126:
2115:
2112:
2099:
2098:
2096:
2086:
2077:(July): 361–79.
2062:
2053:
2046:
2040:
2039:on 5 March 1997
2029:
2023:
2015:
2009:
2008:
1981:
1975:
1974:
1947:
1938:
1937:
1927:
1921:
1920:
1904:
1898:
1897:
1879:
1868:
1858:
1852:
1851:
1849:
1847:
1838:. Archived from
1828:
1822:
1821:
1819:
1817:
1794:
1785:
1784:
1782:
1780:
1771:. Archived from
1765:
1759:
1749:
1743:
1734:
1728:
1719:
1713:
1704:
1698:
1689:
1683:
1667:
1565:
1560:
1559:
1558:
1318:Stephen Zarlenga
1291:and to increase
1236:economic bubbles
1123:financial crises
1074:are as follows:
1051:unconstitutional
937:are as follows:
830:Great Depression
767:The issuance of
702:A return to the
678:
671:
664:
648:
500:Gains from trade
490:Balance of trade
369:Finance ministry
260:
246:
237:
230:
219:
212:
208:
205:
199:
197:
156:
132:
124:
117:
110:
106:
103:
97:
79:
71:
60:
38:
37:
30:
21:
2846:
2845:
2841:
2840:
2839:
2837:
2836:
2835:
2816:Monetary reform
2806:
2805:
2804:
2797:(public domain)
2774:Murray Rothbard
2764:
2762:Further reading
2759:
2758:
2745:
2741:
2732:Wayback Machine
2721:
2717:
2705:
2701:
2691:
2689:
2680:
2679:
2675:
2668:
2664:
2657:
2653:
2635:
2631:
2624:
2620:
2613:
2609:
2604:Nouriel Roubini
2600:Wayback Machine
2591:
2587:
2579:
2575:
2553:
2552:
2548:
2540:
2533:
2532:
2528:
2504:
2499:
2479:
2452:
2451:
2447:
2437:
2435:
2431:
2424:
2423:
2419:
2407:
2400:
2399:
2384:
2368:
2359:
2350:
2346:
2332:
2331:
2324:
2313:
2309:
2302:
2289:
2288:
2279:
2272:
2259:
2258:
2251:
2241:
2239:
2230:
2222:
2220:
2206:
2205:Data sources:
2204:
2200:
2191:
2182:
2175:
2162:
2161:
2148:
2141:
2128:
2127:
2118:
2113:
2102:
2064:
2063:
2056:
2047:
2043:
2035:in the British
2030:
2026:
2016:
2012:
2005:
1983:
1982:
1978:
1971:
1949:
1948:
1941:
1929:
1928:
1924:
1906:
1905:
1901:
1894:
1881:
1880:
1871:
1859:
1855:
1845:
1843:
1830:
1829:
1825:
1815:
1813:
1811:
1796:
1795:
1788:
1778:
1776:
1775:on 22 June 2019
1767:
1766:
1762:
1750:
1746:
1741:Murray Rothbard
1735:
1731:
1726:Murray Rothbard
1720:
1716:
1711:Murray Rothbard
1705:
1701:
1690:
1686:
1677:Wayback Machine
1668:
1664:
1659:
1654:
1561:
1556:
1554:
1551:
1535:
1525:control of the
1477:
1475:Commodity money
1443:service economy
1427:green economics
1423:
1407:Abraham Lincoln
1389:
1313:
1252:James Robertson
1244:
1196:Bank of England
1192:Federal Reserve
1172:
1167:
1161:
1091:price stability
1087:monetary policy
1085:to implement a
1064:
1030:overconsumption
948:economic crises
935:sovereign money
927:
886:
873:
815:
809:
801:monetary policy
797:
784:monetary system
747:Murray Rothbard
743:Austrian School
731:Austrian School
723:sovereign money
708:silver standard
689:Monetary reform
682:
637:
636:
632:Monetary reform
622:
614:
613:
609:Price stability
604:Economic growth
599:Balanced budget
594:
586:
585:
566:Non-tax revenue
561:
560:
540:
539:
530:Trade diversion
485:
475:
474:
428:Discount window
411:
409:Monetary policy
401:
400:
335:
325:
324:
270:
238:
227:
226:
225:
220:
209:
203:
200:
157:
155:
149:
145:primary sources
133:
118:
107:
101:
98:
95:
80:
39:
35:
28:
23:
22:
18:Currency reform
15:
12:
11:
5:
2844:
2842:
2834:
2833:
2831:Public finance
2828:
2823:
2818:
2808:
2807:
2803:
2802:External links
2800:
2799:
2798:
2788:
2776:
2763:
2760:
2757:
2756:
2739:
2715:
2699:
2673:
2662:
2651:
2648:Henry C.K. Liu
2629:
2618:
2607:
2585:
2573:
2546:
2526:
2445:
2417:
2382:
2357:
2344:
2322:
2307:
2300:
2277:
2271:978-0983330851
2270:
2249:
2219:on 1 June 2007
2198:
2180:
2173:
2146:
2139:
2116:
2100:
2054:
2041:
2037:House of Lords
2024:
2010:
2003:
1990:Macroeconomics
1976:
1969:
1956:Macroeconomics
1939:
1922:
1899:
1892:
1869:
1853:
1823:
1809:
1786:
1760:
1744:
1729:
1714:
1699:
1684:
1661:
1660:
1658:
1655:
1653:
1652:
1647:
1639:
1634:
1629:
1624:
1619:
1614:
1609:
1604:
1599:
1594:
1589:
1584:
1579:
1577:Money creation
1574:
1568:
1567:
1566:
1550:
1547:
1534:
1531:
1476:
1473:
1455:for exchange.
1449:Local currency
1441:and the local
1422:
1419:
1393:Colonial Scrip
1388:
1385:
1312:
1309:
1268:Robert Mundell
1256:United Nations
1248:Robert Mundell
1243:
1240:
1176:currency board
1171:
1168:
1160:
1157:
1156:
1155:
1139:
1136:shadow banking
1132:
1129:
1126:
1119:
1116:
1105:
1094:
1079:
1063:
1060:
1059:
1058:
1034:
1033:
1024:
1023:
1014:
1013:
1006:European Union
980:
979:
970:
969:
964:
963:
926:
923:
885:
882:
872:
869:
865:counterfeiting
857:interest rates
836:following the
811:Main article:
808:
805:
796:
793:
792:
791:
787:
765:
754:
751:ending the Fed
715:
684:
683:
681:
680:
673:
666:
658:
655:
654:
653:
652:
639:
638:
635:
634:
629:
623:
620:
619:
616:
615:
612:
611:
606:
601:
595:
592:
591:
588:
587:
584:
583:
578:
573:
568:
562:
559:
558:
553:
547:
546:
545:
542:
541:
538:
537:
532:
527:
525:Trade creation
522:
517:
512:
507:
502:
497:
492:
486:
481:
480:
477:
476:
473:
472:
467:
462:
457:
456:
455:
453:currency board
450:
440:
435:
430:
425:
424:
423:
412:
407:
406:
403:
402:
399:
398:
393:
392:
391:
381:
376:
371:
366:
361:
360:
359:
349:
348:
347:
336:
331:
330:
327:
326:
323:
322:
317:
312:
307:
302:
297:
292:
287:
282:
277:
271:
266:
265:
262:
261:
253:
252:
250:Public finance
240:
239:
222:
221:
136:
134:
127:
120:
119:
86:listed sources
83:
81:
74:
69:
43:
42:
40:
33:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
2843:
2832:
2829:
2827:
2824:
2822:
2819:
2817:
2814:
2813:
2811:
2801:
2796:
2795:Irving Fisher
2792:
2789:
2786:
2782:
2781:
2777:
2775:
2771:
2770:
2766:
2765:
2761:
2754:
2750:
2749:
2743:
2740:
2737:
2733:
2729:
2726:
2725:
2719:
2716:
2712:
2708:
2703:
2700:
2688:
2684:
2677:
2674:
2671:
2666:
2663:
2660:
2655:
2652:
2649:
2645:
2644:archive.today
2641:
2638:
2633:
2630:
2627:
2622:
2619:
2616:
2611:
2608:
2605:
2601:
2597:
2594:
2589:
2586:
2582:
2577:
2574:
2569:
2565:
2561:
2557:
2550:
2547:
2539:
2538:
2530:
2527:
2522:
2518:
2514:
2510:
2503:
2495:
2491:
2487:
2483:
2477:
2472:
2468:
2464:
2460:
2456:
2449:
2446:
2430:
2429:
2421:
2418:
2413:
2406:
2405:
2397:
2395:
2393:
2391:
2389:
2387:
2383:
2379:
2375:
2371:
2370:Thomas Jordan
2366:
2364:
2362:
2358:
2354:
2348:
2345:
2339:
2338:
2329:
2327:
2323:
2319:
2318:
2311:
2308:
2303:
2297:
2293:
2286:
2284:
2282:
2278:
2273:
2267:
2263:
2256:
2254:
2250:
2238:
2234:
2218:
2214:
2210:
2202:
2199:
2195:
2189:
2187:
2185:
2181:
2176:
2170:
2167:. Routledge.
2166:
2159:
2157:
2155:
2153:
2151:
2147:
2142:
2140:1-930748-03-5
2136:
2132:
2125:
2123:
2121:
2117:
2111:
2109:
2107:
2105:
2101:
2095:
2090:
2085:
2080:
2076:
2072:
2068:
2061:
2059:
2055:
2051:
2045:
2042:
2038:
2034:
2028:
2025:
2022:
2021:
2014:
2011:
2006:
2004:0-7167-5237-9
2000:
1996:
1992:
1991:
1986:
1980:
1977:
1972:
1970:0-7167-5237-9
1966:
1962:
1958:
1957:
1952:
1946:
1944:
1940:
1935:
1934:
1926:
1923:
1918:
1914:
1910:
1903:
1900:
1895:
1889:
1885:
1878:
1876:
1874:
1870:
1867:
1863:
1857:
1854:
1841:
1837:
1835:
1827:
1824:
1812:
1806:
1802:
1801:
1793:
1791:
1787:
1774:
1770:
1764:
1761:
1757:
1753:
1748:
1745:
1742:
1738:
1733:
1730:
1727:
1723:
1718:
1715:
1712:
1708:
1703:
1700:
1697:
1693:
1688:
1685:
1682:
1678:
1674:
1671:
1666:
1663:
1656:
1651:
1648:
1645:
1644:
1643:Money as Debt
1640:
1638:
1635:
1633:
1630:
1628:
1625:
1623:
1620:
1618:
1615:
1613:
1610:
1608:
1605:
1603:
1600:
1598:
1595:
1593:
1590:
1588:
1587:Money as Debt
1585:
1583:
1580:
1578:
1575:
1573:
1570:
1569:
1564:
1553:
1548:
1546:
1544:
1540:
1532:
1530:
1528:
1524:
1520:
1516:
1512:
1511:Digital means
1508:
1506:
1502:
1498:
1494:
1490:
1486:
1482:
1481:hard currency
1474:
1472:
1470:
1469:mutual credit
1466:
1462:
1458:
1454:
1450:
1446:
1444:
1440:
1436:
1435:soft currency
1432:
1428:
1420:
1418:
1416:
1412:
1408:
1404:
1402:
1398:
1394:
1386:
1384:
1382:
1378:
1374:
1368:
1366:
1362:
1358:
1357:ruled Alberta
1354:
1349:
1348:social credit
1344:
1342:
1339:
1335:
1331:
1330:fiat currency
1327:
1323:
1319:
1310:
1308:
1306:
1302:
1298:
1294:
1290:
1289:currency risk
1286:
1281:
1279:
1275:
1274:
1269:
1265:
1261:
1257:
1253:
1249:
1241:
1239:
1237:
1233:
1229:
1225:
1224:central banks
1219:
1217:
1213:
1209:
1205:
1201:
1197:
1193:
1189:
1185:
1181:
1177:
1169:
1166:
1158:
1153:
1149:
1144:
1143:interest rate
1140:
1137:
1133:
1130:
1127:
1124:
1120:
1117:
1114:
1110:
1106:
1103:
1099:
1095:
1092:
1089:that secures
1088:
1084:
1080:
1077:
1076:
1075:
1073:
1069:
1061:
1056:
1052:
1048:
1044:
1040:
1036:
1035:
1031:
1026:
1025:
1021:
1020:asset bubbles
1016:
1015:
1011:
1010:national debt
1007:
1002:
998:
994:
990:
986:
982:
981:
976:
972:
971:
966:
965:
961:
957:
956:bank bailouts
953:
949:
944:
940:
939:
938:
936:
932:
924:
922:
919:
915:
911:
907:
903:
899:
895:
891:
883:
881:
878:
870:
868:
866:
862:
858:
853:
851:
847:
844:(such as the
843:
839:
838:crash of 1929
835:
832:and the many
831:
826:
824:
823:reserve ratio
820:
814:
806:
804:
802:
794:
788:
785:
782:
778:
774:
770:
769:social credit
766:
763:
759:
755:
752:
748:
744:
740:
736:
732:
728:
724:
720:
716:
713:
709:
705:
704:gold standard
701:
700:
699:
696:
694:
690:
679:
674:
672:
667:
665:
660:
659:
657:
656:
651:
647:
643:
642:
641:
640:
633:
630:
628:
625:
624:
618:
617:
610:
607:
605:
602:
600:
597:
596:
590:
589:
582:
579:
577:
574:
572:
569:
567:
564:
563:
557:
554:
552:
549:
548:
544:
543:
536:
533:
531:
528:
526:
523:
521:
518:
516:
513:
511:
510:Protectionism
508:
506:
503:
501:
498:
496:
493:
491:
488:
487:
484:
479:
478:
471:
468:
466:
463:
461:
460:Monetary base
458:
454:
451:
449:
446:
445:
444:
441:
439:
438:Interest rate
436:
434:
433:Gold reserves
431:
429:
426:
422:
419:
418:
417:
416:Bank reserves
414:
413:
410:
405:
404:
397:
394:
390:
387:
386:
385:
382:
380:
377:
375:
372:
370:
367:
365:
362:
358:
355:
354:
353:
350:
346:
343:
342:
341:
338:
337:
334:
333:Fiscal policy
329:
328:
321:
318:
316:
313:
311:
308:
306:
303:
301:
298:
296:
293:
291:
288:
286:
283:
281:
278:
276:
273:
272:
269:
264:
263:
259:
255:
254:
251:
247:
244:
236:
233:
218:
215:
207:
196:
193:
189:
186:
182:
179:
175:
172:
168:
165: –
164:
160:
159:Find sources:
153:
147:
146:
142:
137:This article
135:
131:
126:
125:
116:
113:
105:
93:
92:
87:
82:
78:
73:
72:
67:
65:
58:
57:
52:
51:
46:
41:
32:
31:
19:
2779:
2768:
2747:
2742:
2736:Lew Rockwell
2734:, Speech by
2723:
2718:
2702:
2690:. Retrieved
2686:
2676:
2665:
2654:
2632:
2621:
2610:
2588:
2576:
2559:
2555:
2549:
2536:
2529:
2512:
2508:
2485:
2481:
2462:
2458:
2448:
2438:11 September
2436:. Retrieved
2427:
2420:
2403:
2352:
2347:
2336:
2315:
2310:
2291:
2261:
2240:. Retrieved
2236:
2221:. Retrieved
2217:the original
2212:
2201:
2193:
2164:
2130:
2074:
2070:
2050:Whirled Bank
2044:
2027:
2019:
2013:
1989:
1979:
1955:
1932:
1925:
1902:
1883:
1856:
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1777:. Retrieved
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1836:AMI (2002)"
1816:15 December
1800:Web of Debt
1670:Sound Money
1543:free market
1381:consumerism
1322:Ellen Brown
1264:world peace
1047:real estate
1043:foreclosure
975:broad money
918:Third World
914:Third World
712:bimetallism
571:Tax revenue
89:may not be
2810:Categories
2753:F.A. Hayek
2094:2086/17270
1657:References
1637:Seignorage
1415:Greenbacks
1397:Revolution
1341:Gary North
1293:efficiency
1260:ecological
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991:that have
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141:references
102:April 2021
50:improve it
2826:Metallism
2478:See also
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1485:inflation
1301:left-wing
1285:inflation
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960:bank runs
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