Bank of England should widen the money supply not banks

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Bank of England should widen the money supply not banks

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Over 90% of the widening of the UKs money supply is attributable to fractional reserve banking in private banks.

Banks are allowed to create huge multiples of debt to the deposits they hold. By creating new money in this way and lending the newly created electronic money they widen the UKs money supply.

Unfortunately this creates the levels of debt we see (averaging over 150% of average household income now) and causes credit crunches as in 2008.

The bank leverage levels should be very seriously curtailed and the Government, through direct spending, and Bank of England should make good the shortfall in widening the money supply.

There would be no inflationary effects of doing this as the amount if money created would be identical. There would be a much much safer banking system and much lower levels of debt.

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