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Fractional reserve banking to be abolished

Submitted on Thursday 4th August 2011

Published on Monday 15th August 2011

Current status: Closed

Closed: Wednesday 15th August 2012

Signatures: 11

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Fractional reserve banking to be abolished

Additional Information

Under this system, banks are granted licences to create money out of thin air which they often lend to people with no realistic prospect of paying it back (after having creamed off a portion to pay themselves as bonuses). Since the money created is equal to the size of the debt, but takes no account of interest payments, periodic financial crises are inevitable. The bankers still have their bonuses, but now expect taxpayers to keep their banks solvent, at risk of bankrupting themselves and the country.

We propose that the government cease to grant licences to carry out this business and revoke those that are currently in existence.

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