Abolish the Banks' Ability to Create Money

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Abolish the Banks' Ability to Create Money

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We call upon Parliament to legislate at the earliest opportunity to abolish the banking industry's ability to create new money in the economy through the fractional reserve system. At present banks only need less than 10% of the value of a loan, mortgage or other credit as actual money and can simply create the remainder as new money upon lending. This floods the economy with new interest bearing debt during boom times, such as property bubbles, massively creating inflation, and it allows those who control banks to effectively control the rest of the economy and is inherently unstable, creating economic crashes. Banks should only be able to lend out the actual money they hold in printed notes and minted coins and fractional lending should be outlawed.

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